March 5 hearing on teachers tax initiative

(AP) --An initiative pushed by the state teachers' union and other labor groups will get a hearing before a Nevada legislative panel on March 5.

Democratic Assembly Speaker Marilyn Kirkpatrick on Monday said the measure will be considered during a joint hearing before the Senate and Assembly taxation committees.

Backers of the initiative gathered more than 150,000 signatures to send the margins tax proposal by state lawmakers. Legislators have until March 15 to enact it or it will automatically be put to voters in 2014.

The proposal seeks to impose a 2 percent margins tax on businesses grossing more than $1 million. Supporters say it would raise $800 million a year for K-12 education.

Critics say it doesn't guarantee more money for education and argue it could hurt businesses.