Washington, D.C. – April 03, 2009 – (RealEstateRama) — Nevada Senator Harry Reid yesterday led the Senate in passing a national budget that lays the groundwork for bringing major aid to Nevada for foreclosure assistance, tax relief and veterans’ benefits.
While the budget accomplishes the broader national goals of investing in the future, strengthening the middle class and restoring fiscal discipline, it also provides help for what’s important to Nevadans right now. Included in the budget are:
- Mortgage assistance: Reid included a housing reserve fund in the budget to facilitate legislation that would address a number of issues related to mortgage and foreclosure in Nevada. Reid believes Nevada homeowners need more leverage in their efforts to seek loan modifications with lenders and loan servicers. This could be used to provide assistance to Nevada homeowners struggling with their mortgages and to incentivize mortgage providers to make these mortgages more affordable.
- Tax relief: Reid, working with Sen. John Ensign, passed an amendment that would make permanent the sales and local sales tax deduction that state residents enjoy on their federal income tax return. More than 440,000 Nevadans rely on this deduction for tax relief. The deduction currently is slated to expire after 2009.
- Concurrent Receipt: Current law prevents veterans classified by the Veterans Administration as disabled from collecting both disability pay and retired pay, despite the fact that the men and women are eligible for both for different reasons. For every dollar a veteran receives as disability compensation, a dollar is deducted from his or her retirement pay. In some cases, this ban takes away a veteran’s full retirement pay, wiping away the benefits he or she earned in 20 or more years of service. Reid included a provision in this legislation that lays the foundation for ending the absurd “Concurrent Receipt” practice.
“We took a major step toward long-term economic recovery tonight – not just for our country, but specifically for Nevada,” Reid said. “I worked to ensure that the people of our state receive the attention they deserve in this budget. These are not luxuries we want to fund, but they are necessities in which we must invest if we are to recover.”
This budget also works to lower the cost and enhance the quality of every American’s health care, to cut middle class taxes, to expand educational opportunities for all and to improve energy efficiency and clean, renewable energy that helps reduce our dependence on unstable sources.
