Statewide taxable sales in Nevada for March increased by 5 percent over March 2012 and a 5.4 percent increase for the fiscal year, the state's Department of Taxation reports Tuesday. In Carson City, taxable sales increased by 10.9 percent, largely due to the Nevada Legislative session.
The largest increases in statewide taxable sales were realized by General Merchandise Stores, up 18.6 percent; Specialty Trade Contractors, up 119.9 percent; Food Services and Drinking Places, up 5.3 percent; Motor Vehicle and Parts Dealers, up 7.4 percent; and Clothing and Clothing Accessories Stores, up 8.6 percent. Statewide taxable sales for March 2013 amounted to $4,106,506,376.
Twelve of Nevada’s seventeen counties recorded an increase in taxable sales for March 2013 compared to March 2012: Elko, Esmeralda, Lincoln, Lyon and White Pine Counties recorded a decrease.
Revenue Collections from Sales and Use Taxes - March 2013
Gross revenue collections from sales and use taxes amounted to $320,220,614 for March 2013, which represents a 6.76 percent increase compared to March 2012 and a 5.82 percent increase for the first nine months of fiscal year 2013. The General Fund portion of the sales and use taxes collected amounted to $80,546,555, which represents a 6.98 percent increase compared to March 2012.
Compared to the May 2013 Economic Forum projections and based on Department analysis, the General Fund portion of the sales and use taxes is approximately 0.48 percent or $3.2 million below their forecast for fiscal year 2013 through the March period.
Modified Business Tax – March 2013
The Department reports $97,300,227 was collected and distributed to the State general fund for the quarter ending March 2013 for Modified Business Tax from General Businesses and Financial Institutions. The March collections represent a 1.10 percent increase compared to the same quarter prior year.
Businesses reported $9.6 billion in gross wages and took $735.1 million in allowable health care deductions for the March quarter, which represents 7.7 percent of the gross wages.
The Economic Forum May 2013 forecast for this tax is approximately $386 million for fiscal year 2013. The tax revenue through the 3rd quarter of fiscal year 2013 is down by 0.62 percent or approximately $1.8 million below their forecast.
Excise Tax Revenue Collections –March 2013
The Department reports excise tax collections of $106,371,484 for the month of March 2013, an increase of 2.30 percent compared to the same month, prior year.
Compared to the Economic Forum’s May 2013 projections, through the first nine months of fiscal year 2013, cigarette taxes are up 0.05 percent or $41 thousand above projections, and other tobacco products tax is up 3.97 percent or $381 thousand above projections. The liquor tax is 1.95 percent or $773 thousand below projections. March 2013 collections for live entertainment tax total $1,270,463, 1.91 percent above projections through the first nine months of fiscal year 2013.
March 2013 quarter filings for insurance premium tax were 4.48 percent below the projection; short-term car lease, 0.92 percent above; and for real property transfer tax, down 0.96 percent compared to the year-to-date projections for the fiscal year.