NRS 360.203 Modified Business Tax Rate Reduction
As
required by NRS 360.203, the Department of Taxation has evaluated whether an
adjustment to the Modified Business Tax (MBT) rates is necessary before September 30, 2022. The Department compared the amounts of MBT,
Bank Branch Excise tax, and Commerce tax collected for the previous fiscal year
(FY22) to the amounts which were forecasted by the Economic Forum. The Department determined that the collected
amount exceeded the forecasted amount by more than four percent. As a result, the MBT rates (for general
business, financial institutions and mining) will be decreased proportionally
so that the combined collected amount would have been only four percent higher
than the forecasted amount. To comply
with NRS 360.203 subsection 4, the MBT tax rate after adjustment will be 1.17
percent for general business (NRS 363B.110) and 1.554 percent for financial
institutions and mining (NRS 363A.130).
These tax rate changes will take effect July 1, 2023.