Commerce Tax Beats Projections, Brings In More Money Than Expected
A controversial new Nevada tax on large businesses has brought the state 17 percent more money than expected in its first year.
The Nevada Appeal reports that the commerce tax passed in 2015 generated nearly $144 million for the general fund by the end of the 2016 fiscal year. That's more than the initial projection of $120 million.
Gov. Brian Sandoval's chief of staff Mike Willden said he's happy that the tax is doing better than hoped, but noted that other taxes are underperforming. The live entertainment, sales and payroll taxes are below projections.
The commerce tax applies to businesses that make more than $4 million in Nevada revenue each year. It passed with more than two-thirds support from the Republican-backed Legislature, but opponents have sought to repeal it.