Nevada's tax income is on a hot streak, with increases in tax revenue from traditional sources, like sales tax, as well as from less traditional ones, like marijuana. Nevada Department of Taxation Director Bill Anderson appeared on this week's episode of Face the State to discuss the numbers.
The majority of the state's income comes from sales tax, and Nevada has seen an increase month over month in taxable sales for 94 straight months.
"What we are seeing right now is really an unprecedented run-up in taxable sales," Anderson said. "I think that's reflective of the broad-based strength in the economy as a whole."
If you do the math, that's nearly eight years of continuous growth in taxable sales. And that's important, because sales tax revenue makes up about two thirds of the state's total revenue, most of which then gets redistributed to the counties and cities to pay for their expenses.
Anderson also discussed the tax incentives that the state has been using to attract businesses like Tesla, and whether Nevada is still coming out on top, even with the lost tax income.
"When we look at the overall picture," Anderson said, "the positives right now obviously outweigh the negatives."
To see the full interview, including a discussion of the new marijuana industry's tax revenue, tune in for Face the State this weekend. It airs Saturday at 4:30 a.m. and 3:30 p.m., and on Sunday at 6:30 a.m. and 3:30 p.m.
