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Multistate Tax Update — November 26, 2014

Nevada: Voters decline the margin tax initiative

This election season, the Tax Foundation (Foundation) was closely watching voters in Nevada to see if they would approve the implementation of a margin tax, a member of the gross receipts tax family. The Foundation reported that the initiative was an attempt to raise revenue for public schools, but that voters defeated it “in a landslide.”

Prior to the election, the Foundation feared that Nevada would join the five other states—Delaware, Ohio, Virginia, Washington, and Texas (which has a modified version)—that have what it considers to be an economically damaging tax.