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Nevada voters reject proposed margin tax
Multistate tax alert | November 5, 2014
On November 4, 2014, Nevada voters rejected the Education Initiative (the “Initiative”)¹ that would have enacted a gross receipts (“margin”) tax effective January 1, 2015.²
Nevada's margin tax
On November 4, 2014, Nevada voters rejected the Education Initiative (the “Initiative”)1 that would have enacted a gross receipts (“margin”) tax effective January 1, 2015.2 Had it been approved, the Initiative would have imposed a 2% tax on the “taxable margin” of “each business entity engaged in a business” in Nevada.3
1 The Initiative is accessible at: http://nvsos.gov/Modules/ShowDocument.aspx?documentid=2425.
2 Initiative § 83.2(a).
3 Initiative § 22.1. Natural persons not engaged in business, entities with total revenue of $1,000,000 or less, certain passive entities, and I.R.C. § 501(c) organizations would have been exempt from the tax. Initiative § 22.3.
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The Multistate Tax Alert Archive includes external tax alerts issued by Deloitte Tax LLP's Multistate Tax practice during the last three years. These external alerts highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summary of specific multistate developments relevant to taxpayers, tax professionals, and other interested persons.
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