Nevada governor plans to spend, save money in new state budget

CARSON CITY — Gov. Joe Lombardo touted fiscal responsibility during his first State of the State speech Monday, proposing a cut to the gas tax, increased funding for K-12 education and a cost of living increase for state employees.

Lombardo shared his budget and other legislative priorities during the speech, which was held in the packed Assembly chambers.

“My executive budget not only lowers the tax burden on working families and businesses, but it also reserves more than $1 dollar in savings for every new dollar in general fund spending,” Lombardo said.

Taxes

The governor proposed several measures meant to ease inflation, including suspending the gas tax for the next year. The plan, which would save consumers $250 million, would be paid for by using general fund revenue.

The governor also proposed a number of measures meant to ease inflation’s burdens on businesses, including decreasing the modified business tax rate to 1.17 percent and raising the threshold for businesses subject to the Commerce Tax from $4 million to $6 million.

The budget also includes the proposed creation of the Nevada Way Fund, a savings account intended for infrastructure projects and economic development projects that could be awarded by a board made up by the governor and the four legislative leaders.

Lombardo also proposed increasing the cap for the Rainy Day Fund from 20 percent to 30 percent.

Education

The governor focused a large portion of his remarks on schools, proposing a $2 billion increase in funding for K-12 education over the biennium.

The plan would see per-pupil spending increase of more than $2,100, to $12,406 for each student on average.

Lombardo also proposed supporting a number of scholarships and programs, including $50 million for Opportunity Scholarships and $30 million in scholarships and stipends for…

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