When Gov. Steve Sisolak last month announced his plan to launch Innovation Zones in Nevada to jump-start the state’s economy by attracting new tech companies, the details of how those zones would operate proved scarce.
According to a draft of the proposed legislation, obtained by the Review-Journal but not yet introduced in the Legislature, Innovation Zones would allow tech companies like Blockchains, LLC to effectively form separate local governments in Nevada, governments that would carry the same authority as a county, including the ability to impose taxes, form school districts and justice courts and provide government services, to name a few duties.
Sisolak pitched the concept in his State of the State address as his plan to bring in new companies that are at the forefront of “groundbreaking technologies,” all without the use of tax abatements or other publicly funded incentive packages that had previously helped Nevada bring companies like Tesla to the state.
During his speech last month, Sisolak specifically named Blockchains, LLC as a company that had committed to developing a “smart city” in the area east of Reno that would run entirely on blockchain technology, once the legislation passes.
The draft, which could change before it’s unveiled as a formal bill, provides the first look into the details behind the concept.
Read and see more: https://www.reviewjournal.com/news/politics-and-government/2021-legislature/bill-would-allow-tech-companies-to-create-local-governments-2272887/
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