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.
What is Regulation R130-21 concerning the Gold & Silver Excise Tax?
- Regulation R130-21, adopted by the Nevada Tax Commission on January 24, 2022, outlines the administration, calculation, and payment of the Gold & Silver Excise Tax.
- This regulation is crucial for ensuring that the tax is implemented correctly and fairly.
When will Regulation R130-21 become effective?
- As of February 28, 2022, Regulation R130-21 was awaiting approval from the Legislative Commission and needed to be filed with the Nevada Secretary of State to become effective.
- The official name of the tax may also change once the regulation is finalized and effective.
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 online at the Nevada Tax Center.
Note: FAQs are for general guidance only. For written advice as it relates to your business, request an advisory opinion from the Department.