Nev. Rev. Stat. § 360.203 — Reduction of rate of certain taxes on business under certain circumstances; duties of Department

NRS  360.203    Reduction of rate of certain taxes on business under certain
circumstances; duties of Department.
1.  Except as
otherwise provided in subsection 4, on or before September 30 of each
even-numbered year, the Department shall determine the combined revenue from
the taxes imposed by chapters 363A and 363B of NRS and the commerce tax imposed by chapter 363C of NRS for the preceding fiscal
year.
2.  Except as otherwise provided in
subsection 4, if the combined revenue determined pursuant to subsection 1
exceeds by more than 4 percent the amount of the combined anticipated revenue
from those taxes for that fiscal year, as projected by the Economic Forum for
that fiscal year pursuant to paragraph (e) of subsection 1 of NRS 353.228 and as adjusted by any
legislation enacted by the Legislature that affects state revenue for that
fiscal year, the Department shall determine the rate at which the taxes imposed
pursuant to NRS 363A.130 and 363B.110 , in combination with the revenue
from the commerce tax imposed by chapter 363C
of NRS, would have generated a combined revenue of 4 percent more than the
amount anticipated. In making the determination required by this subsection,
the Department shall reduce the rate of the taxes imposed pursuant to NRS 363A.130 and 363B.110 in the proportion that the
actual amount collected from each tax for the preceding fiscal year bears to
the total combined amount collected from both taxes for the preceding fiscal
year.
3.  Except as otherwise provided in
subsection 4, effective on July 1 of the odd-numbered year immediately
following the year in which the Department made the determination described in
subsection 1, the rates of the taxes imposed pursuant to NRS 363A.130 and 363B.110 that are determined pursuant to
subsection 2, rounded to the nearest one-thousandth of a percent, must
thereafter be the rate of those taxes, unless further adjusted in a subsequent
fiscal year.
4.  If, pursuant to subsection 3, the rate
of the tax imposed pursuant to NRS
363B.110 is 1.17 percent:
(a) The Department is no longer required to make
the determinations required by subsections 1 and 2;
(b) The rate of the taxes imposed pursuant to NRS 363A.130 and 363B.110 must not be further adjusted
pursuant to subsection 3.