Tax Committees Weighing Employee Payroll Tax Increases
By: Doug Busselman, Executive Vice President
Reporting live (at least writing this posts) while sitting in a joint committee hearing of the Assembly and Senate Taxation Committees, listening to the proposed tax increase for payroll taxes. The proposal, attributed to the Speaker of the Assembly, Assemblywoman Barbara Buckley, offers to set the payroll tax at 0.5 percent for businesses with payroll of $62,500 per quarter and an increase above the 0.63 percent that is the current rate.
At this time, despite some testimony of support or opposition, the actual rate for what the amount would be -- has not been identified.
According to the staff discussion which explained the bill -- allowing a lower level for payroll taxes on the $250,000 (which is the annual amount of $62,500 per quarter) amount would mean that about 74 percent of the state's businesses would be taxed at the lower rate.
It's interesting to listen to the way that this 0.13 percent decrease for "small" businesses is a favor, while those who pay employees more than a total of $62,500 per quarter will be required to pay something more (but we're not sure yet what that amount is going to be).
Reporting live (at least writing this posts) while sitting in a joint committee hearing of the Assembly and Senate Taxation Committees, listening to the proposed tax increase for payroll taxes. The proposal, attributed to the Speaker of the Assembly, Assemblywoman Barbara Buckley, offers to set the payroll tax at 0.5 percent for businesses with payroll of $62,500 per quarter and an increase above the 0.63 percent that is the current rate.
At this time, despite some testimony of support or opposition, the actual rate for what the amount would be -- has not been identified.
According to the staff discussion which explained the bill -- allowing a lower level for payroll taxes on the $250,000 (which is the annual amount of $62,500 per quarter) amount would mean that about 74 percent of the state's businesses would be taxed at the lower rate.
It's interesting to listen to the way that this 0.13 percent decrease for "small" businesses is a favor, while those who pay employees more than a total of $62,500 per quarter will be required to pay something more (but we're not sure yet what that amount is going to be).
Posted by Doug Busselman at 5/14/2009 1:47 PM 
Categories: Nevada Legislature
Tags: Nevada tax increases Modified Business Tax
Categories: Nevada Legislature
Tags: Nevada tax increases Modified Business Tax
Comments