The downturn in the national economy has hit Nevada particularly hard. From high unemployment and foreclosure rates to rising health care and tuition costs, many Nevada families are struggling. I have been working hard to help get our economy back on track and prevent this situation from happening again by passing legislation that helps those currently in need, creates jobs, and provides relief to middle class families and small businesses.

 Senator Harry Reid: Working Hard to Strengthen Nevada's Economy (PDF)
Senator Harry Reid: Protecting Nevada's Consumers (PDF)
Senator Harry Reid: Working to Restore Fiscal Discipline (PDF)
Senator Harry Reid: Working for Nevada's Seniors (PDF)
Senator Harry Reid: Fighting for Nevada's Small Business Owners (PDF)
Senator Harry Reid: Fighting for Working Families (PDF)
Senator Harry Reid: Working to Get Nevada Back on Track (PDF)
Senator Harry Reid: Strengthening Nevada's Gaming Industry (PDF)

Job Creation
With so many Nevadans out of work or facing reduced hours, creating and saving jobs continues to be my top priority.  Last year, I fought to bolster Nevada’s economy by extending tax cuts to small businesses and middle-class families and making investments in clean energy, along with helping to save the 12,000 jobs in the City Center project.  This year I will continue to look out for Nevada’s workers.  Please click here to view a fact sheet on both the immediate and longer-term initiatives I will continue working hard to pass this year to spur job creation.  This jobs agenda provides tax breaks to encourage small businesses to hire workers this year and expand their operations, improves lending facilities for small businesses to enable them to get the credit they need to expand, incentivizes more energy efficient homes and buildings, helps improve roads and bridges, and puts more police on the streets and teachers in the classrooms.  I am committed to putting people back to work and getting our economy back on the right track.  I look forward to working with my colleagues on both sides of the aisle to help millions of Americans find good-paying, dependable jobs.

Unemployment Insurance
Unemployment compensation not only helps those who have lost their jobs through no fault of their own, it also helps our economy because people spend the cash they receive on the things they need right away.  Last year, I helped pass the Unemployment Extension Compensation Act of 2009 providing unemployed workers who have exhausted their unemployment compensation with an additional 14 weeks of pay.  More importantly for Nevada, this law authorized an additional 6 weeks of benefits for workers in states with unemployment rates of 8.5% or higher.  Recently, with these and other important benefits nearing expiration, I worked diligently with my Senate colleagues to pass the Temporary Extension Act of 2010.  This law provided an immediate short-term extension of unemployment insurance benefits through April 5, 2010. It also included an extension of Consolidated Omnibus Budget Reconciliation Act (COBRA) tax credits allowing many Nevadans who have been recently laid off to keep their health insurance benefits while they continue to look for new work.

Holding true to my promise to work on a long-term extension of unemployment insurance and COBRA health insurance tax credits, I worked with my Senate colleagues to pass the American Workers, State and Business Relief Act.  This important legislation would extend these important benefits through the end of the year.  I know that getting Nevadans back to work is the most important thing we can do to get our economy back on track, and you can be assured that I will continue to fight with vigor to pass legislation that spurs job creation.

Homebuyer Tax Credit
In February, as part of the American Recovery and Reinvestment Act, Congress created the Homebuyer Tax Credit.  The $8,000 first-time homebuyer credit was recently extended and is available for homes purchased through June 30, 2010 (eligible homebuyers must have a binding contract by April 30, 2010). Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 can qualify for the full credit.  The credit was also recently extended beyond first-time homebuyers to those who have owned a home for at least five of the previous eight years.  This credit is capped at $6,500.  Homes purchased for more than $800,000 are not eligible for either credit. For more information on my work in the Senate to address the housing crisis and for information on foreclosure prevention, please visit my Homeowner’s Assistance webpage. 
    
American Recovery and Reinvestment Act
The American Recovery and Reinvestment Act of 2009 (ARRA) will provide much needed assistance for struggling Nevada families, seniors, homeowners, and others deeply affected by this crisis.

• Nevada will receive $2.5 billion in economic recovery funding, which is expected to create or save 34,000 jobs, 90% of which are in the private sector.
• Each worker is eligible for up to $400 in tax relief and families could receive up to $800.
• A home buyer tax credit of $8,000 for first-time homebuyers will help Nevadans invest in a home and move the excess supply of houses off the market.
• The ARRA provides a temporary deduction for non-itemizers for sales tax paid on the purchase of a car or truck.
• The HOPE education credit for higher education is increased to $2,500 dollars.
• Every SSI recipient, Social Security beneficiary, Railroad Retirement beneficiary and disabled veteran receiving VA benefits will receive a one-time economic recovery payment of $250.
• Federal and state pensioners who are not participants in Social Security will be eligible for a $250 tax credit. 

Additionally, the ARRA contains a number of provisions beneficial to small business owners.

• Providing $426 million for the cost of direct and loan guarantees for small businesses.
• Establishing an economic stimulus-lending program for small business under which the Small Business Administration guarantees up to 95 percent of qualifying small business loans made by eligible lenders.
• Establishing a two-year secondary market guarantee authority within the SBA to provide a federal guarantee for pools of first lien 504 loans that are to be sold to third-party investors, not to exceed $3 billion.
• Establishing a lending and refinancing authority within the SBA, not to exceed refinancing efforts on loans in the amount of $10 million.
• Establishing that the maximum amount of leverage to any one company not exceed the lesser of 300 percent of the company's private capital or $150 million.
• Extending the maximum NOL carry back period from two years to five years for small businesses with gross receipts of $15 million or less.
• Allowing small business taxpayers to elect to write-off the cost of these expenses in the year of acquisition in lieu of recovering these costs over time through depreciation in order to help small businesses quickly recover the cost of certain capital expenses.
• Allowing a seventy-five percent (75%) exclusion for individuals on the gain from the sale of certain small business stock held for more than five years.
• Providing temporary tax relief by reducing the 2009 required estimated tax payments for certain small businesses.

Healthcare
With nearly half a million Nevadans lacking health care, I am strongly committed to health insurance reform that makes health care affordable to all Americans. I am also pleased that we provided relief for those whose are suffering during this economic crisis.

• The federal matching payments for state Medicaid programs will be increased for a 27 month period
• ARRA provides a 65% premium subsidy for COBRA health insurance for up to nine months for workers and their families
• ARRA continues the extension and expansion of unemployment benefits, and provides additional funding for the food stamp program

For more information on my work in the United States Senate on health care click here.

Emergency Economic Stabilization Act
The Emergency Economic Stabilization Act of 2008 (P.L.110-353), which provided broad flexibility to the Treasury Department to respond to the deteriorating financial system, also requires that the Secretary promote jobs and economic growth. Funds distributed through the Troubled Asset Relief Program (TARP) have been used to help banks build the capital needed to extend credit businesses and consumers. However, more must be done to ensure that TARP funds are used quickly to increase lending and boost the economy.