CCIM Southern Nevada, a board of commercial real estate investors and experts, held a panel on July 24th to discuss the state of the industry and how a string of recently passed regulations could mean higher expenditures on the horizon for Nevada business owners.
One of the growing concerns is that the bulk of the regulations emulate sections of California's economic model, with policies that don't contain a “one size fits all” mode of application. Some believe that the moderate success of the original policies in California should elicit questions of their viability as political models worth following in the first place. Others share the viewpoint that the overall influx of regulations is an overextension of the state legislature's influence.
The Bills giving rise to these concerns cover considerable ground, both in number and in substance.
Senate Bill 312, which goes into effect at the beginning of 2020, will grant employees the ability to accrue paid sick leave time, up to 40 hours a year.
Another much-debated piece of legislation was passed in the closing minutes of Nevada's 80th legislative session last month, Senate Bill 551, which will increase the state's business payroll tax in order to supply funds to the education system.
In addition, Nevada businesses are concerned about the minimum wage which is scheduled to rise in the coming years. Starting in 2020, there will be a 75 cent increase to the minimum hourly wage every year, capping at $11 for businesses offering health plan coverage to their employees and $12 for those that don't. That's a $4 per hour increase to the current minimum wage in Nevada.