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Rules Finalized For Art Tax Break31 August 2000RENO, NEVADA –Aug. 31, 2000 – As reported by the Associated Press: “…The regulation - designed to carry out a law originally passed in 1997 - exempts Wynn from paying 71 percent of the sales taxes due on his art works. The sales taxes are exempted even though Wynn no longer operates the Bellagio art gallery. ”Tax Commission Chairwoman Barbara Smith Campbell said Tuesday that Wynn qualifies for the sales tax break because he already publicly displayed the art in the Bellagio megaresort's gallery on the Las Vegas Strip. ”But Campbell said Wynn can't seek annual personal property tax exemptions unless the art is publicly displayed during the year for which he seeks those exemptions. ”…Wynn's move to get tax breaks in a 1997 bill set off a storm of protest. Initially sponsors didn't identify Wynn as the source of the legislation. Assembly Speaker Joe Dini, who introduced the original bill, maintained it would promote the ownership of fine art in Nevada. ”…Wynn also was permitted to charge admission to his Bellagio gallery and still get the exemptions. But any money he earned from admissions, minus costs of operating the gallery, had to go to a nonprofit charitable organization.” |