Members of the Economic Forum were told Wednesday that the economic shutdown in March wiped out eight months of gains in taxable sales.
Legislative Counsel Bureau economist Russ Guindon said taxable sales were up 6.1 percent — $481 million — from July 1 through February of this fiscal year. Then came the order to close all non-essential businesses.
The Sales and Use tax is the largest source of revenue flowing to the state General Fund.
One tax is doing exceptionally well in large part because of the economic shutdown — Non-store Retailers. Guindon said the vast majority of that revenue comes from the online sales. That tax stream has been increasing since a court decision saying those sellers must pay state sales and use taxes.
Those receipts increased 95-100 percent from October through February and are up 82 percent for the past eight months.
For more information: Nevada AppealNevada appeal
by geoff dornan
june 12, 2020