News and Insights

Nevada Tax Amnesty Slated to Begin July 1, 2008

Tax Development Jun 13, 2008

According to a press release issued by Nevada Governor Jim Gibbons on June 2, 2008, the Nevada Tax Commission unanimously approved the adoption of regulations in support of the Governor's tax amnesty proposal. Now that the Tax Commission has given its approval, the Governor is expected to sign emergency regulations authorizing the amnesty program later this month. The regulations are slated to take effect on July 1, 2008 and end on September 30, 2008. The amnesty program will apply to sales and use tax, modified business tax and business license fees. During the amnesty period, taxpayers can pay taxes owed without incurring penalties and interest. "This is a one-shot opportunity for businesses delinquent in their taxes to get square with the state," the Governor said in his press release. "The penalties and interest the state is waiving can be substantial, so I hope these business owners realize and take advantage of the opportunity before them."

The Governor further stated in his press release that amnesty could help reduce the effect that the current economic situation will have on state finances. "Providing temporary incentive for businesses to balance their ledger with the state is a proven revenue generator," the Governor said. "All the revenue we collect during this amnesty minimizes the effect the economic downturn will have on state services." The funds received through the program will be earmarked for the State's General Fund. Additional information can be obtained by viewing the Nevada Governor's press release, Tax Amnesty Set to Begin July 1st.