Recently enacted Nevada legislation has made changes affecting the modified business tax rate, which was scheduled to revert on July 1, 2011, to 0.63% of wages paid by a business in each calendar quarter. Specifically, for quarterly wages paid in excess of $62,500, the legislation has extended the current 1.17% rate for two years, until June 30, 2013.
The legislation also provides an exemption through June 30, 2013, for quarterly wages not exceeding $62,500.
The Nevada Department of Taxation has issued a notice regarding the legislation. The notice advises that a tax return will still need to be filed, even if taxable wages are less than $62,500 and there is no tax due. The notice is available at http://tax.state.nv.us/.
Separate stories discuss sales and use (TAXDAY, 2011/06/21, S.25) and other tax changes (TAXDAY, 2011/06/21, S.26) contained in the legislation.
Ch. 476 (A.B. 561), Laws 2011, effective July 1, 2011