North Las Vegas Nevada Form 1128 2014-2024

North Las Vegas Nevada Form 1128: What You Should Know

This is a very well-thought-out bill that creates a simple and reasonable system for the state of Nevada to collect a tax from real estate sales. This proposal has good points and bad points. The bad points: 1. Eliminated the sales receipt tax. This was a major benefit; now the only receiptable tax will be the gross receipts tax on sales of tangible personal property. 2. Eliminated taxable value deduction. The previous version of the bill removed the taxable value portion of deductions that is subject to the sales tax. The good points: 1. Provides for the collection of taxes when property is sold. This allows the state to collect the tax without having to ask the taxpayer to prepare a sales tax return. It could also be made available to individuals or partnerships who are selling property subject to the tax so that they can avoid the paperwork associated with the sales tax. 2. Creates a uniform tax on retail sales. This makes it easier for all retailers to collect, and more effective at collecting the tax. 3. It allows the state to collect taxes for a maximum of 5 consecutive years while providing for an extension of up to 3 years for certain small and medium businesses. Any businesses with sales tax liability of 250,000 or more for 5 consecutive fiscal years are eligible to apply for an extension for a subsequent fiscal year. Nevada Revenue and Taxation Nevada has been working on changing their tax code for a few years. In 2013, I suggested Nevada reforms the sales tax system to make sales tax collections uniform for all retailers and remove the sales receipt tax. I also introduced a bill in 2024 to eliminate the sales tax on mobile homes. I introduced and supported a bill in 2024 to eliminate a retail gross receipts tax on the sale of certain personal computers. In 2016, I am continuing this effort by proposing to reduce the sales tax on the sale of food (see AB 459) and allow the state to collect sales tax on the sale of certain new recreational vehicles and recreational vehicles used for camping, hiking, fishing or motorized vehicles. This is a very good start to reform the sales tax system, especially for small businesses. This makes it easier for local government and the state to collect taxes from these businesses without having to require them to file a sales tax returns. There are some problems that need to be addressed. These problems require the establishment of a sales tax committee in the legislature.

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