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Unformatted text preview: Multistate Tax Project NEVADA Corporate income tax: The state of Nevada does not levy an income tax on corporations; therefore Nevada relies heavily on sales tax, property tax and gaming revenue, additionally casino entertainment, business license, mining, cigarette, and insurance premiums are other sources of revenue. Nevada collected more than $800 million in gambling taxes on $10 billion of gambling revenues in 2009, according to the American Gaming Association. 1 Other Taxes: Business License: Nevada does not have a business or personal income tax. However all businesses doing business in Nevada must obtain a State Business License. In 2010, this fee ranged from $75 to $375 for corporations that declare an initial total share value of less than $1,000,000. This fee reaches a maximum of $35,000. 2 Exceptions include small sole proprietors working out of their home and netting less than the average annual wage ($25,400 for 2008). 3 Sales and Use taxes: The Sales and Use taxes are Nevadas main revenue sources and they made 70.4% of the states tax revenue in 2010 according to State of Nevada Department of Taxation 2011 Legislative Session 4 . The average Nevada state sales tax rate is 7.59%, however the state has 6.85% tax, and the maximum NV sales tax after local surtaxes is 8.1%. No sales tax is levied on food items for home use, medicines, or services. Counties and cities in Nevada are allowed to charge an additional local sales tax on top of the Nevada state sales tax, as approved by voters or local legislatures. Some counties such as Clark County (which includes Las Vegas) have special sales tax rates for businesses such as hotels of up to 13%. The sales tax was adopted in 1955. 5 Property Taxes: 1 1 "Industry Information." American Gaming Association. 2009. Web. 20 Apr. 2011. <http://www.americangaming.org/Industry/state/statistics.cfm?stateid=9>. 2 2 Coleman, Quentin. "What Are the Corporation Taxes in the State of Nevada? | EHow.com." EHow | How to Videos, Articles & More - Trusted Advice for the Curious Life | EHow.com. 31 July 2010. Web. 20 Apr. 2011....
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This note was uploaded on 05/04/2011 for the course ACCY 172 taught by Professor Crow,s during the Spring '08 term at CSU Sacramento.
- Spring '08