LAS VEGAS– Senate Bill 9, signed by Gov. Steve Sisolak at the end of May, could lead to an additional $500 million in economic activity in Nevada over the next three years, according to the non-profit incubator and business accelerator StartUpNV.
SB9 revised Nevada’s private investment laws, bringing the state in line with federal laws. Prior to the bill’s passage, StartUpNV officials said the state’s laws were “burdensome, confusing and an impediment to enticing investment in local startup companies.” They were the result of laws written in the 1990’s during the dot.com boom, and at the time aligned with federal laws.
As has been the case with other laws, Nevada’s private investment laws didn’t keep pace with changes at the federal level, creating confusion for investors.
The bill was passed unanimously in the Senate and earned support from the majority of the Assembly before heading to Gov. Sisolak’s desk.
“Investors are prepared for the risks of early-stage investment, but unclear laws and regulations discourages investment,” said Jeff Saling, executive director of StartUpNV. “SB9 incentivizes investment in Nevada-based startups helping to create jobs, develop new industries, and make our state’s economy more diverse and resilient. This new law can be one of the matches that lights the fire to expand Nevada’s economy by providing the fuel (private capital) for startup growth, job creation, and equal access to capital markets and wealth creation.”