Nevada Commerce Tax Return

Nevada enacted the state’s first business activity tax – the “Commerce Tax” in 2015. Opponents of this new tax regime tried very hard to repeal it but the efforts were unsuccessful.  The Commerce Tax is a gross receipts tax that is imposed on gross revenue sourced to Nevada.

Effective July 1, 2015, all taxpayers (including C corp, S corp, LLC, Parternship, Trust, and Individuals) engaged in business in Nevada are required to file Form TXR-030.01 by August 15, 2016 for the initial report cover year from July 1, 2015 through June 30, 2016.  A 30-day extension can be requested if additional time is required.  This gross receipt tax is imposed on Nevada source gross revenue in excess of $4 million, but the return filing requirement is nevertheless required for taxpayers with Nevada source gross revenue lesser than $4 million.

Tax Form: http://tax.nv.gov/uploadedFiles/taxnvgov/Content/Commerce/COM_Tax_Return.pdf

Instructions: http://tax.nv.gov/uploadedFiles/taxnvgov/Content/Commerce/Commerce_Tax_Instructions_June16_2016.pdf