Nevada tax revenues, proposals

AP

Thursday, Nov. 14, 2002 | 12:01 p.m.

The Gov.'s Task Force on Tax Policy voted unanimously Wednesday for a batch of tax increases totaling $333 million next fiscal year and $536 million in fiscal 2004.

Possible new revenues and projected taxes in fiscal 2004 would include:

-Gross business receipts tax of 0.25 percent, $189 million. Businesses grossing less than $350,000 a year would be exempt. The levy would be collected in a different manner from casinos, but at the same rate.

-Property tax increase, $96 million. That's based on a 15-cent increase in the property tax rate to $3.74 per $100 of assessed valuation.

-Admissions and amusement tax, $65 million. Participatory sports would be exempted, but spectator activities such as movies, video rentals and professional sports events would be taxed at a 6.5 percent rate.

-Cigarette tax increase, $63 million. The proposal is to double the existing 35 cent-per-pack tax on cigarettes to 70 cents.

-Business license inflationary tax, $52 million; and commercial recording fee increase, $30 million.

-Liquor taxes, $14.6 million. The increase would nearly double such taxes - last raised in 1983. Liquor taxes vary depending on the percentage of alcohol in the beverage. On a six-pack of beer, the tax would increase from six or seven cents to 12 cents.

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