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Wednesday, November 27, 2024

Nevada’s sales and gross receipts tax revenue down 77.9 percent in Q3 since the previous quarter

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Nevada collected $800 million in sales and gross receipts taxes during the third quarter of 2021, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This is a 77.9 percent decrease from the previous quarter when sales and gross receipts tax revenue was $3.6 billion.

Sales and gross receipt taxes include taxes on licenses, alcohol, amusements, insurance, fuel, parimutuels, public utilities, and tobacco products.

Individual income taxes are based on net personal income and taxes imposed on dividends, interest, and income from intangibles.

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.

Overall, Nevada collected $1.2 billion in combined tax revenues during the third quarter of 2021.

Q3 Nevada Tax Collections

Type of TaxAmount (in millions of dollars)
Sales and Gross Receipts Taxes$800
License Taxes$130
Other Taxes$7
Property Taxes$297

Source: U.S. Census Bureau

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