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Friday, November 15, 2024

Nevada's combined tax revenues up 27.9% in Q1 compared to same quarter of the previous year

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Anthony Wren Tax Commissioner at State of Nevada Department of Taxation | State of Nevada Department of Taxation

Anthony Wren Tax Commissioner at State of Nevada Department of Taxation | State of Nevada Department of Taxation

Nevada collected $3.8 billion in license, miscellaneous other, property and sales and gross receipts taxes during the first quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This represents a 27.9% increase over the same quarter of the previous year, when combined tax revenues were $2.9 billion.

The majority of the state's tax revenue was collected through sales and gross receipts taxes ($2.8 billion) and property taxes ($558 million).

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.

Q1 Nevada Tax Collections

Type of TaxAmount (millions)
License Taxes$171
Other Taxes$223
Property Taxes$558
Sales and Gross Receipts Taxes$2,789

Source: U.S. Census Bureau

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