{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

multistate tax project(2)

multistate tax project(2) - M ultistate Tax P roject N...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
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 Nevada’s main revenue sources and they made 70.4% of the state’s 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.
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern