With the collapse of an attempt to overturn the commerce tax, the first payments will be due from businesses for current fiscal year on Aug. 15.
The commerce tax is a gross revenue tax on each business in the state whose gross revenue in a fiscal year exceeds $4 million.
The reporting period is July 1 through June 30, and the return is due 45 days after the end of the taxable year.
Alexandra Smith, the public information officer from the Nevada Department of Taxation, told the Carson Valley Chamber of Commerce, the rate of the tax businesses owe is dependent on the industry the business is classified under, which can be found on tax.nv.gov.
There are several entities exempt from the tax including credit unions, nonprofits and governmental entities.
If the gross revenue of the business is less than $4 million a simplified reporting method will be used, which can be found on the Nevada Department of Taxation website.
An effort to repeal a commerce tax approved in the 2015 Legislature was dealt a blow May 12 by the Nevada Supreme Court, which ruled that the wording describing the RIP Commerce Tax is “unacceptably flawed.”
“The description of effect is intended to do just what it says — inform petition signers of the material effects of what is proposed,” Justice Nancy Saitta wrote in an opinion concurring with the other six justices.
The supreme court ruling cites the May 1, 2015, Economic Forum forecast that the commerce tax will add $119.8 million in net revenues in the first year.
Organizers got new language approved on May 23, but they would have had to gather 55,234 signatures, of which 13,809 must be collected in each of the state’s congressional district.
Two days after the language was approved, Controller Ron Knecht gave up the battle, saying there wasn’t enough time to collect the necessary signatures, which would have been due at the Nevada Secretary of State’s Office on Tuesday.
For questions or to locate forms visit tax.nv.gov. or email firstname.lastname@example.org
For a search of specific legislation visit search.leg.state.nv.us/NRS/NRS.html.