Nevada's general fund would lose $75 million in the first year and $60 million each subsequent year if Nevada voters decide to repeal the new Commerce Tax.
State fiscal analysts submitted a memo last week exploring the consequences of a proposed ballot measure aimed at nixing the business tax that lawmakers approved this spring.
Republican state Controller Ron Knecht is leading the repeal effort. Groups that want to preserve the tax have until Thursday to file a legal challenge against his petition.
If the petition survives any court challenges, supporters would need to gather more than 55,000 signatures statewide to put the measure on the ballot.
Knecht's petition has a smaller impact on the $3.7 billion annual state budget than another pending tax repeal petition, but it's considered more viable.
