TAXATION REVENUE STATISTICS – March 2010
Taxable Sales Summary – March 2010
Statewide taxable sales for March 2010 of $3,329,192,855 represents a 7.4% decrease over March 2009, and a 13.3% decrease for the nine months of fiscal year 2010. The largest increases in statewide taxable sales were realized by Accommodation, up 26.6%; Clothing and Clothing Accessories Stores, up 15.6%; Motor Vehicle and Parts Dealers, up 10.7%; Food Services and Drinking Places up 5.1%; and General Merchandise Stores up 2.6%. The following major sales indicators represent changes in Nevada’s economic activity for March 2010 compared to March 2009:
Clark County Sales
Washoe County Sales
Construction Industry Classification
Merchant Wholesalers – Durable Goods
Motor Vehicle and Parts Dealers
General Merchandise Stores
Clothing & Accessories Stores
Food & Beverage Stores
Home Furniture and Furnishings
Food Services & Drinking Places
Nine of Nevada’s seventeen counties recorded an increase in taxable sales for March 2010 compared to March 2009: Douglas, Esmeralda, Eureka, Humboldt, Lincoln, Mineral, Pershing, Storey and Washoe Counties.
Revenue Collections from Sales and Use Taxes – March 2010
Gross revenue collections from sales and use taxes amounted to $261,873,908 for March 2010 which represents a 2.10% decrease compared to March 2009, and a 7.90% decrease for the nine months of fiscal year 2010. The General Fund portion of the sales and use taxes collected amounted to $66,467,441, which represents an 8.58% decrease compared to March 2009.
Compared to the January 2010 Economic Forum projections, the General Fund portion of the sales and use taxes is 1.9% or $10.3 million above their forecast for the nine months of fiscal year 2010.
Modified Business Tax and Business License Fees – March 2010
The Department reports $92,220,705 was collected and distributed to the State general fund for the quarter ending March 2010 for Modified Business Tax from General Businesses and Financial Institutions. This represents a 35.3% increase compared to the same quarter prior year. SB 429 of the 2009 Nevada Legislature implemented a tiered tax rate system for Modified Tax – General Business filers effective July 1, 2009 which had an increase in the amount of revenue collected and distributed.
Businesses reported $9.07 billion in gross wages and took $748.4 million in allowable health care deductions for the March quarter, which represents 8.25% of the gross wages.
Excise Tax Revenue Collections – March 2010
The Department reports excise tax collections of $107,022,056 for the month of March 2010, is an increase of 7.35% compared to the same month prior year. Initiative Petition 1 of the 2009 Legislative session imposed a 3% tax on the gross receipts of transient lodging in any county whose population is 300,000 or more to be distributed to the General Fund effective July 1, 2009. The portion of Lodging Tax collected for the General Fund in the month of March 2010 amounted to approximately $8.9 million. Adjusting for this amount, March 2010 excise tax collections would have stood at an estimated 1.5% decrease compared to the same month last year.
Compared to the Economic Forum’s January 2010 projections, fiscal year to date cigarette taxes are 0.6% or $489 thousand below projections. The liquor tax is 6.8% or $2.6 million above projections. March 2010 collections for Live Entertainment Tax were $1,186,210, 12.3% above projections for fiscal year to date. March 2010 quarter filings for Insurance Premium Tax were up 0.4%; for the Short Term Car Lease, down 7.2%; and for the Real Property Transfer Tax, up 8.14% compared to the projections.
Governor Jim Gibbons’ Comments
“After 14 consecutive months of double digit percentage declines, taxable sales in March 2010 continued a fourth consecutive month of single digit declines, at 7.4% in March 2010 over March 2009 sales. Taxable sales in 9 of 17 counties increased in March over prior year sales. Additionally, ten of twelve major sales indicators of change in Nevada economic activity in 2010 improved in March over the indicators in March of the prior year. While these are encouraging signs, other indicators continue to cast a shadow on Nevada’s economic recovery. Unemployment continues above 13%. Construction industry and durable goods sales declined 57.6% and 56.9% in March over prior year sales.
This administration is working diligently to gain footing on the road to recovery. This includes obligating 100% of American Recovery and Reinvestment Act monies for road construction projects that could create or sustain as many as 5,600 jobs for Nevadans.”
For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz