Nevada - Taxation



Nevada has neither an individual nor a corporate income tax. Almost 85% of state-level tax collections come from general and selective sales (excise) taxes. Nevada levies a 6.5% state sales and use tax, with localities levying additional amounts ranging from none to 3.125%. There is a full array of state excise taxes covering amusements (almost 60% of Nevada's excise tax receipts), motor fuels, tobacco products, insurance premiums, public utilities, and other selected items. In 2002, contrary to trends in other states, Nevada lowered its gasoline tax a penny, from 24 cents to 23 cents a gallon. Nevada's estate tax is tied to the federal exemption for state death taxes, and is therefore on track to be phased out in tandem with the phasing out of the federal estate tax credit by 2007, absent countervailing action by the state to preserve its tax. Nevada's revenue losses from the phasing out of its estate tax are estimated at -$14 million for 2002/03, -$23 million for 2003/04 and -$39 million for 2006/07. Death and gift taxes accounted for 0.76% of state collections in 2002. Other state taxes include various license and franchise fees, state property taxes (although most property taxes are collected locally), severance taxes (a minerals extraction tax and a oil and gas conservation tax accounting for 0.5% of state-level tax revenue in 2002), and stamp taxes. Almost half of total state and local taxes (47.2% in 2000) in Nevada are collected at the local level.

The state collected $3.945 billion in taxes in 2002, of which 52.5% came from the general sales tax, 32% from selective sales taxes, 11.1% from license fees, and 2.8% from state property taxes. In 2003, Nevada ranked 41st among the states in terms of combined state and local tax burden, which amounted to about 8.9% of income.

The following table from the US Census Bureau provides a summary of taxes collected by the state in 2002.

Nevada

  ($000) PER CAPITA
Total Taxes 3,945,329 1,815.20
Property taxes 112,613 51.81
Sales and gross receipts 3,337,996 1,535.78
General sales and gross receipts 2,070,013 952.39
Selective sales taxes 1,267,983 583.39
Alcoholic beverage 16,717 7.69
Amusements 720,732 331.6
Insurance Premiums 156,412 71.96
Motor fuels 266,101 122.43
Pari-mutuels (X) (X)
Public utilities 11,159 5.13
Tobacco products 63,739 29.33
Other selective sales 33,123 15.24
Licenses 438,756 201.87
Alcoholic beverages (X) (X)
Amusements 92,233 42.44
Corporation 36,138 16.63
Hunting and fishing 6,557 3.02
Motor vehicle 129,657 59.65
Motor vehicle operators 13,064 6.01
Public utility (X) (X)
Occupation and business, NEC 157,124 72.29
Other 3,983 1.83
Other taxes 55,964 25.75
Individual income (X) (X)
Corporation net income (X) (X)
Death and gift 30,088 13.84
Documentary and stock transfer 4,383 2.02
Severance 21,493 9.89
Other (X) (X)


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