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Nevada Corporate Tax for Education, Question 6 (1990)
|Question 6 (Corporate Tax for Education)|
Official results via: Nevada Legislative Counsel Bureau - Research Division
Text of measure
The language that appeared on the ballot:
- Shall the State of Nevada adopt a net profit tax and a franchise fee for corporations?
The language that appeared in the voter's guide:
- If this proposal is approved, the State of Nevada would impose a tax on the net profits of every corporation organized or doing business for profit under the laws of this state. For a corporation whose net profit is between $20,000 and $120,000, the rate of the tax would be 8 percent of any profit over $20,000. For a corporation whose net profit is over $120,000, the rate of the tax would be 10 percent of any profit over $120,000. In addition, every corporation doing business for profit would be required to pay an annual franchise fee of $500. Gaming and mining corporations would be entitled to credits for additional taxes that they already pay. The money from the net profit tax and the franchise fee would be deposited in a fund that could only be used for education purposes as determined by the Legislature. A "Yes" vote is a vote to impose a net profit tax and franchise fee. A "No" vote is a vote to reject the tax and the fee.
- FISCAL NOTE
- Financial Impact-No. The proposal, if approved, would generate sufficient revenue to cover the expenses of administration and is expected to generate significant revenues for the state. However, an accurate estimate of the amount of revenue would require knowing how individual corporations would react to specific parts of the proposal, which is unknown.
State of Nevada
Carson City (capital)
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