This afternoon, Nevada Governor Brian Sandoval proposed restructuring the state’s existing $200 annual Business License Fee into a quarterly graduated taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. that is calculated based on a business’s total revenue and industry. In the proposal, there are 30 possible industry classifications and 67 possible options for each (based on total revenue), amounting to 2,010 possible rates.
Below are details provided by the Governor’s Office:
- “Business License Fee Facts”
- Industry Category Descriptions
- Explanation of Industry Rate Calculation
- Rate Matrix (based on industry and total revenue level)
We will review these documents over the weekend and provide a detailed explainer on the proposal’s key features early next week. Stay tuned!
Follow Liz on Twitter @elizabeth_malm. More on Nevada here. Check out our book on Nevada’s taxes here.
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