Nevada Assembly Passes Bill that will Extend Additional Business License Taxes/Fees

Just before midnight, Sunday night, legislatures voted to extend four of Nevada’s ‘sunset taxes’ including the higher business license tax rate. Since the first $250,000 earned by a business is exempt from the higher rate and 70% of all businesses in Nevada bring in less than that, most businesses won’t have to pay the higher 1.17 percent tax.

Additionally, the bill will keep the business license fee at the double cost of $200 as opposed to the prior to 2009 charge of $100.

This comes at the heels of an intense effort by Democratic leaders to convince Republic lawmakers to keep the taxes in place before the legislative session ends today, Monday June 6, 2011. Current taxes are slated to expire on June 30. The additional $620 million raised by extending the taxes will help close up some of the deficit in next year’s budget.

The senate is expected to vote on the bill by the day’s end.

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