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Posted: 1:04 PM Aug 28, 2008
Nevada's Combined Tax Revenues Down 4.1 Percent in Fiscal 2008
A new report shows that state revenues from all major tax sources in fiscal 2008 were down 4.1 percent from collections in the previous fiscal year - the first time in at least 30 years that annual collections have dropped in Nevada.
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CARSON CITY, Nev. (AP) - A new report shows that state revenues
from all major tax sources in fiscal 2008 were down 4.1 percent from collections in the previous fiscal year - the first time in at least 30 years that annual collections have dropped in Nevada.
Tax revenue for the year ending June 30 totaled $2.71 billion, down about $115 million from fiscal 2007 collections, according to the state Taxation Department report.
Casino-related tax revenue was $772 million, a drop of 5.9 percent, or $48 million; while sales tax revenue was $966 million, a decline of 3.4 percent, or $34 million. Those are the two biggest sources of revenue for the state.
As the result of the downturn, Gov. Jim Gibbons and legislators since January have approved nearly $1.2 billion in spending reductions during the two-year budget cycle that ends in mid-2009.
Despite the declines, Gibbons' communications director, Ben Kieckhefer said there isn't a pressing need for another special legislative session to deal with additional cuts.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
