Department of Taxation
Twelve of Nevada’s seventeen counties recorded an increase in taxable sales for March 2013 compared to March 2012: Elko, Esmeralda, Lincoln, Lyon and White Pine Counties recorded a decrease.
Revenue Collections from Sales and Use Taxes - March 2013
Gross revenue collections from sales and use taxes amounted to $320,220,614 for March 2013, which represents a 6.76% increase compared to March 2012 and a 5.82% increase for the first nine months of fiscal year 2013. The General Fund portion of the sales and use taxes collected amounted to $80,546,555, which represents a 6.98% increase compared to March 2012.
Compared to the May 2013 Economic Forum projections and based on Department analysis, the General Fund portion of the sales and use taxes is approximately 0.48% or $3.2 million below their forecast for fiscal year 2013 through the March period.
Modified Business Tax – March 2013
The Department reports $97,300,227 was collected and distributed to the State general fund for the quarter ending March 2013 for Modified Business Tax from General Businesses and Financial Institutions. The March collections represent a 1.10% increase compared to the same quarter prior year.
Businesses reported $9.6 billion in gross wages and took $735.1 million in allowable health care deductions for the March quarter, which represents 7.7% of the gross wages.
The Economic Forum May 2013 forecast for this tax is approximately $386 million for fiscal year 2013. The tax revenue through the 3rd quarter of fiscal year 2013 is down by 0.62% or approximately $1.8 million below their forecast.
Excise Tax Revenue Collections –March 2013
Compared to the Economic Forum’s May 2013 projections, through the first nine months of fiscal year 2013, cigarette taxes are up 0.05% or $41 thousand above projections, and other tobacco products tax is up 3.97% or $381 thousand above projections. The liquor tax is 1.95% or $773 thousand below projections. March 2013 collections for live entertainment tax total $1,270,463, 1.91% above projections through the first nine months of fiscal year 2013. March 2013 quarter filings for insurance premium tax were 4.48% below the projection; short-term car lease, 0.92% above; and for real property transfer tax, down 0.96% compared to the year-to-date projections for the fiscal year.