About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

1 Jared Walczak, Nevada Approves New Tax on Business Gross Receipts 1 (2015)

handle is hein.taxfoundation/nvatxbgr0001 and id is 1 raw text is: TAxO FOUNDATION FISCAL FACT June 2015 No. 467 The Tax Foundation is a 501(c)(3) non-partisan, non-profit research institution founded in 1937 to educate the public on tax policy. Based in Washington, D.C., our economic and policy analysis is guided by the principles of sound tax policy: simplicity, neutrality, transparency, and stability. @2015 Tax Foundation Distributed under Creative Commons CC-BY NC 4.0 Editor, Melodie Bowler Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org Nevada Approves New Tax on Business Gross Receipts By Jared Walczak Policy Analyst Key Findings On May 31, the Nevada Legislature approved the Nevada Revenue Plan, a package of tax changes championed by Governor Brian Sandoval (R) which includes $1.4 billion in new and extended taxes over the biennium. The Nevada Revenue Plan increases the corporation annual business fee, expands the payroll tax, raises the cigarette tax, and creates a new Commerce Tax on the gross receipts of businesses with at least $4 million in revenue in Nevada. The plan also makes temporary payroll tax and sales tax increases permanent. The package won substantial backing despite reservations regarding the package's structure, particularly the gross receipts-based Commerce Tax component. The new Commerce Tax imposes differential-rate gross receipts taxes based on 26 business categories, with a partial credit against the payroll tax (known as the Modified Business Tax) for tax payments under the Commerce Tax. Public finance scholars tend to look upon gross receipts taxes unfavorably because they are non-neutral, lead to tax pyramiding, and distort business decision-making. Through separate legislation, Nevada lawmakers also broadened the base and lowered the rate of the Live Entertainment Tax, greatly reducing the tax's complexity.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most