State marks 90 consecutive months of statewide sales tax growth | nnbusinessview.com

State marks 90 consecutive months of statewide sales tax growth

Statewide taxable sales for December 2017 grew 2.3 percent over December 2016, marking 90 straight months of growth, according to Bill Anderson, executive director of the Nevada Department of Taxation.  

Looking at data going back 21 fiscal years, Nevada has not seen a period of growth in taxable sales anywhere near 90 months although December's gain was the smallest since May 2016.

Nine of the top 10 spending indicators statewide based on total amount of taxable sales were up for the month over last year, with professional, scientific and technical services up 27.7 percent, nonstore retailers up 10 percent, and building material and garden equipment and supplies up 9.6 percent.

Thirteen of Nevada's 17 counties recorded increases for December 2017 over 2016. Washoe County was down 3.8 percent for December 2017 compared to 2016, but up 5.3 percent through the first half of the fiscal year. Gross revenue collections from sales and use taxes increased 5 percent for the month over 2016.

Highlights from the latest report

Total statewide taxable sales for December 2017 were $5.57 billion

Statewide taxable sales were up 4.3 percent for fiscal year 2018 over the same period for fiscal year 2017

Taxable sales of adult-use marijuana accounted for about $200 million of the total statewide taxable sales for the period of July through December 2017 and about 15 percent of the growth in taxable sales for that period compared to the year prior

Eight of the top 10 consumer spending indicators based on amount of taxable sales were up through the current period of fiscal year 2018, with professional, scientific and technical services seeing the highest increase at 39.3 percent over the same period for the prior year

Taxable sales were up for thirteen of Nevada’s 17 counties for fiscal year 2018 over the same period for fiscal year 2017

Gross revenue collections from Sales and Use Taxes for December 2017 totaled $439.41 million – a 5 percent increase over December 2016

The 2 percent state portion of Sales and Use Taxes that goes to the General Fund was up 3.1 percent in December 2017 over December 2016, continuing the growth trend seen since mid-2009