Tax Extenders Bill Is Big Deal for Nevada, Florida

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Tax Extenders Bill Is Big Deal for Nevada, Florida

Tax Extenders Bill Is Big Deal for Nevada, Florida

Roll Call-

Taxpayers from Nevada and Florida can expect to get walloped if Congress doesn’t renew a package of expired tax breaks headed for the Senate floor.

Both states benefit disproportionately from two major expired provisions — the deductibility of state sales taxes and a mortgage forgiveness provision.

Unless Congress acts, homeowners getting relief from their banks in two of the states hit hardest by the housing crash would see a huge tax increase. And because neither state has an income tax, its taxpayers would be especially hurt if the sales tax deduction isn’t renewed.

“That’s a double whammy for at least those two states,” said Will McBride, chief economist at the Tax Foundation, a nonpartisan research think tank. “A sudden end to those tax breaks, it could be a significant hit.”

[ROLL CALL]

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