The Lux Beauty Salon and Spa in Las Vegas, Nevada, will receive $3 million in tax credits, the Las Vegas Review-Journal reported Thursday.
Renu is owned by the Los Angeles-based company Naveen Kataria, which is based in New York.
Kataria said in a statement that the company had already received a grant from the state of Nevada to help finance the tax credits.
“As a tax-credit manufacturer, Naveens expertise in providing tax-free, low-interest loans and business financing for local businesses and community organizations has helped make the company a leading provider of affordable and high-quality tax credits in Nevada,” Kataria wrote in the statement.
The tax credits will be available to existing and new Renu customers in the state, as well as other communities and other state agencies, the Review-Jebediah Bila said.
The state of California also awarded a $3,200 grant to the Los Altos, California-based firm to help it finance its tax credits as well.
The federal government is expected to provide additional $2.7 million in grants to other states and organizations in the coming months, the Journal reported.
The $3 billion investment in tax credit programs has become a favorite of Republican lawmakers and has drawn the ire of consumer advocates.
They have criticized the tax-driven incentives as being designed to lure business away from state-level programs, which can be costly and can reduce the amount of tax revenue they collect.
“They don’t help people who need it the most,” Sen. Bill Nelson, R-Fla., told the Las Gatos Review-Press.
“It makes it harder for them to stay in business.”
Tax credits are available to all residents of the state.
The program is known as the Low-Income Home Ownership Program, and was established in 1982 to help homeowners get back on their feet.
The low-income homeownership program is available to nearly 100,000 low- and moderate-income households in the U.S., according to the U,C.M. The loans are available for up to 30 years.
The government pays the interest, and the federal government has also invested in the program, according to a 2009 report by the Congressional Research Service.
The credits have also been a boon for the state’s economy, which has experienced a decline in manufacturing jobs, as a result of the recession.
In February, the state reported a $2 billion economic impact, according a report by Moody’s Analytics.
But critics say that the program has also helped some people who are working longer hours than they would otherwise be.
In the most recent year, tax credits helped people in the Las-Gatos area earn $1,700 more per year than they otherwise would have, according the Review and Review-Ledger, a Las-Gabriel, Nevada newspaper.
The newspaper reported that about 40% of those who received tax credits were unemployed, and another 36% had at least a high school diploma.