Assembly Tax Plan Highlights

By: Associated Press
By: Associated Press

Here are highlights of the $834.6 million tax plan approved Sunday by the Nevada Assembly:

* FRANCHISE FEE: $192 million would be collected over two years from a gross receipts tax on business. Companies grossing less than $500,000 would be exempted.

* PAYROLL TAX: $161 million would be collected over two years from businesses in the form of a per-employee head tax.

* CIGARETTES: $135.3 million would be collected over two years through a 45-cent-per-pack tax increase on cigarettes.

* ENTERTAINMENT: $118 million would be collected over two years in taxes on live entertainment. The tax would cover casino shows, rock concerts and even legal houses of prostitution.

* CASINOS: $92 million would be collected over two years through a 0.5 percent increase in the percentage fees paid by Nevada casinos. The fees would increase from 6.25 percent to 6.75 percent on gross win.

* REAL ESTATE: $104 million would be collected over two years through a tax on commercial and private real estate deals. The proposed tax of 0.26 percent works out to about $1,000 on a $400,000 property transaction.

* BOOZE: $19.6 million would be collected over two years through a 50 percent increase on liquor sales. That amounts out to a few pennies on a six-pack of beer.

* BANKS: $17.6 million would be collected from banks in the second half of the two-year budget cycle that began July 1. The tax is a 4 percent bank franchise fee.

* FEES: $45.7 million would be collected in fees paid mainly by businesses to the secretary of state. The fees are in a separate bill, and not in SB6, the main tax plan measure.


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