Taxing time ahead for Nevada business
By Bill O’Driscoll, Reno Gazette-Journal
Come July, life will get more taxing for Nevada business.
That’s when the so-called “commerce tax,” a new state levy based on annual gross revenue and the core of the historic tax package approved by the 2015 Legislature, starts.
The first annual payment to the state Department of Taxation won’t be due for another year – summer 2016 – but the levy will be based on gross revenue generated within Nevada’s borders as of July 1, 2015.
And, observers say, it behooves businesses – even those small enough not to meet the tax’s minimum threshold of $4 million annual adjusted gross revenue – to pay attention now given its size and complexity.