25 January 2016 Deadline for commenting on Nevada's draft Commerce Tax forms is January 30 The Nevada Department of Taxation (Department) recently posted drafts of the proposed Nevada Commerce Tax return and filing instructions on its Commerce Tax FAQ website for consideration by the public. Public comments on the tax forms are due to the Department by January 30, 2016. The Nevada Commerce Tax is imposed on the gross revenue of most business entities engaged in business in Nevada. Various discrepancies have already been identified between the language set forth in SB 483 (the bill implementing the Nevada Commerce Tax), and the language on the draft tax form. For example, the Nevada Banker's Association submitted a comment noting a discrepancy between Line 4 of the draft return and the implementing language of SB 483. Specifically, Line 4 of the draft return provides an inclusion of "interest income from credit sales and loans" as gross revenue. The comment letter states that Sec. 21(o) of SB 483 excludes gross revenue from "interest income other than interest on credit sales," making no mention of loans. This discrepancy highlights one example of a potential contradiction between the statute and the Department's draft form. All interested parties are encouraged to submit comments as soon as possible. The Department has not provided a firm estimate on when the drafts of the return and filing instructions will be finalized.
Document ID: 2016-0173 | |||||||||
