Gold & Silver Excise Tax FAQs
The Nevada Gold & Silver Excise Tax is levied on companies extracting these precious metals in the state. Its primary purpose is to generate revenue from natural resource extraction, specifically to support educational initiatives by contributing to the Nevada State Education Fund.
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What are the tax rates for the Nevada Gold & Silver Excise Tax?
- 0.75% tax is applied on taxable revenue below $150 million.
- 1.1% tax is applied on revenue above $150 million.
Who is required to file a Gold & Silver Excise Tax return?
- All businesses engaged in the extraction of gold or silver in Nevada with gross revenues over $20 million during the tax year are required to file a Gold & Silver Excise Tax return, unless they qualify for an exemption.
How does the Gold & Silver Excise Tax benefit education in Nevada?
- Starting from July 1, 2023, funds collected under the Gold & Silver Mining Tax for Education are directed to the Nevada State Education Fund.
- This initiative is part of Nevada’s effort to enhance educational funding through the responsible taxation of its natural resources.
Where can I find forms and instructions for filing the Gold & Silver Excise Tax?
- Forms and instructions for filing the Gold & Silver Excise Tax can be obtained from Gold & Silver Excise Tax Types, the Tax Forms page under Gold & Silver Excise Tax Forms, or file online at My Nevada Tax.
Is there a Voluntary Disclosure Program for Gold & Silver Excise Tax in Nevada?
- Yes, Nevada offers a Voluntary Disclosure Program for taxpayers, which, under NAC 360.440 to 360.448, can lead to a Waiver of Penalties and Interest. The Department must approve these waivers.
- Applicants or their representatives must submit a Voluntary Disclosure Application before the Department starts an audit or investigation.
- Taxpayers already registered for one tax type who disclose another tax type voluntarily may have penalties and interest waived for the newly disclosed tax.
- Please submit a Voluntary Disclosure online at My Nevada Tax (My Nevada Tax – Home). Click on “I want to” and “more” and then choose “Submit a Voluntary Disclosure.”
- If you have additional questions, please email VoluntaryDisclosures@tax.state.nv.us.
Note: FAQs are for general guidance only. For written advice as it relates to your business, request an advisory opinion from the Department.