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StumbleMoody’s in default on state tax study
Thursday, July 22, 2010 | 5:55 p.m.
CARSON CITY – A company hired in December by the Nevada Legislature to study the state’s tax structure and to make recommendations for the future is in default of its contract.
Lorne Malkiewich, director of the Legislative Counsel Bureau, said a default notice was sent Wednesday and Moody’s Analytics received it today.
“They have 10 days to cure it,” he said.
Moody’s Analytics was awarded a $258,000 contract late last year to help the Legislature chart Nevada’s future tax policies.
It was to deliver a preliminary report to the Nevada Vision Stakeholder Group by June 1. But the stakeholder group, which is also examining the tax structure, wasn't happy with the report.
Malkiewich said the Moody’s preliminary report only had an outline of the state’s tax structure. The deadline for the final report was July 1. No payment has been made to Moody’s. “We don’t pay for what we don’t get,” Malkiewich said.
A media representative for Moody’s couldn't be reached for immediate comment.
Malkiewich said talks have been held with Moody’s representatives about possible extension of the contract.
“Negotiations were not successful,” he said. “It’s been turned over to the attorneys."
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Having participated in the Nevada Vision Stakeholders' Meetings, what could Moody's say about Nevada, other than "stick a fork in it."
Thomas Shermspun
Great Ruins of Las Vegas Tours
The low bid was $32,000 to do the contract.
The low bid was a Nevadan.
Moody's bid $258,000.
Moody's is in default.
The LCB has not yet posted on line the minutes of the meetings where the decision was made, even though it was last September.
Maybe somebody needs to look in to the bidding process that was used.
Moody's is too busy defending themselves on other shams to fabricate this one for Horsford.
Hey Horsford, just write "Corporate Tax, income tax, raise property taxes, increase sales and room taxes" on some Moody's letterhead and have them sign off in exchange for the $250k - that's what you were paying them to do anyway.