Tax study default leaves NV lawmakers upset

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Nevada lawmakers facing a projected budget deficit that could top $3 billion will have to rely on memory and previous tax studies after a Wall Street firm contracted to analyze the state's revenue structure defaulted on the task.

Democratic Senate Majority Leader Steven Horsford says Moody's Analytics "dropped the ball" on the $253,000 contract awarded last fall. The firm will only be paid for another portion of the study focusing on quality of life issues.

The study was ordered by the 2009 Legislature as the recession began to tighten around the jugular of Nevada's economy that is heavily dependent on sales and casino taxes.

Nevada now has the highest unemployment rate in the nation at 14.2 percent, and leads the nation in foreclosures and bankruptcies.

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