Gold & Silver Excise Tax
Nevada imposes an excise tax on businesses involved in the extraction of gold and silver, provided their gross annual revenue exceeds a specific amount.
About Nevada Gold & Silver Excise Taxes and Rates
Excise Tax Rates for businesses that extract gold, silver or both in Nevada:
- 0.75% tax on taxable revenue exceeding $20 million up to $150 million.
- 1.1% tax on any revenue exceeding $150 million.
Starting from July 1, 2023, funds collected under the Gold and Silver Mining Tax for Education will be directed to the Nevada State Education Fund.
Gold & Silver Excise Tax Forms
- Who is it for? This form is used by businesses to report and pay excise taxes on gold and silver transactions during the tax period.
- Who is it for? Provides detailed guidance on how to correctly fill out the Gold and Silver Excise Tax Return, including applicable rates and deduction options.
- Who is it for? Allows taxpayers additional time to file their Gold and Silver Excise Tax Return.
- Who is it for? This voucher is for taxpayers that need to make quarterly estimated tax payments on expected Gold and Silver Excise Tax liabilities.
- Who is it for? This form is for taxpayers to request a waiver for penalties and interest applied to late or underpaid taxes.
Example Scenario
Tax Calculation:
- Annual Revenue: $200 million
- Tax Brackets:
- 0.75% on revenue up to $150 million
- 1.1% on any revenue exceeding $150 million
- Calculate tax on the first $150 million:
- $150,000,000 × 0.75% = $1,125,000
- Calculate tax on the remaining revenue:
- Remaining Revenue = $200,000,000 - $150,000,000 = $50,000,000
- $50,000,000 × 1.1% = $550,000
- Total Tax Due:
- Tax on first $150 million: $1,125,000
- Tax on remaining $50 million: $550,000
- Total Tax: $1,125,000 + $550,000 = $1,675,000