Nevada One of Three States With No Corporate Income Tax

The Nevada State Education Association has launched its ballot initiative for a new state business margins tax. They hope to secure this new revenue for what many see as a grossly underfunded education system here in Nevada. Some of our Daily Snippets this week will focus on the facts surrounding the current business and education environment in Nevada.

Today the Las Vegas Review Journal published an editorial calling the new 2% tax on businesses making over $1 million a “back-breaker.”

However, according to a study by the Tax Foundation, Nevada remains one of only three states that do not have a corporate income tax.  In addition, many of the states that do have corporate income taxes have higher rates than the proposed 2% in the Nevada ballot initiative.