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Monday, Jan. 30, 2023

Will Nevada Gov. Joe Lombardo’s commerce tax proposal affect 1,500 small businesses?

Todd Butterworth, The Nevada Independent
yes

In response to an email inquiry from Gigafact, the Nevada Department of Taxation reported Gov. Joe Lombardo’s commerce tax proposal would exempt an additional 1,500 small businesses from the tax, based on 2022 filings. As of 2020, there were approximately 283,000 small businesses in Nevada.

Lombardo said in his State of the State address:

“My budget raises the exemption for businesses subject to the Commerce Tax by 50%, from $4 million to $6 million. This represents the first time the Commerce Tax exemption has been adjusted in favor of taxpayers ever.”

The Commerce Tax is an annual tax passed by the Nevada Legislature in 2015. It is imposed on Nevada businesses based on their gross revenues. The tax rate paid depends on the business category in which the company operates. 

See a full discussion of this at The Nevada Independent

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The Nevada Independent is a nonpartisan, nonprofit news and opinion website founded in 2017 by veteran political journalist and commentator Jon Ralston. The site and its supporting channels are focused on ethical, unbiased and transparent journalism. In general, we aim to gather and disseminate important public information and increase civic engagement. We are supported by corporate donations, memberships, event ticket sales and sponsorships and foundation grants. We disclose all our members and donors. Donors have no influence over our content, ever. The Nevada Independent is the dba for Nevada News Bureau, Inc., a 501(c)3 nonprofit founded in 2010 by Elizabeth Thompson, who now serves as one of The Nevada Independent's managing directors and its Editor.

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