Possible Nevada State Tax
Posted by Garrett Sutton on January 26, 2009 in Incorporation, Taxes [ 0 Comments ]
Happy New Year to everyone. Even though it is going to be a pretty tough year for many people in our country and around the world, we can still all hope for the best. We are all in it together. That said, as a Nevada resident, I need to let you in on what is happening in our state. As you might imagine, people are not traveling to and spending in Las Vegas, which means the state of Nevada’s take on gaming taxes is way down. The state faces severe loss of revenue.
So what are some legislators proposing to do about it?
Believe it or not, they want us to put in a state tax on individual and corporate income. Nevada, a tax free state, has been a magnet for all sorts of business owners and out of state people wishing to incorporate for asset protection and no extra taxes. But some in the legislature (which convenes in February) want to end all of this with new state taxes.
We will certainly keep you informed of what will happen in Nevada’s 2009 legislative session. But for those of you who are worried even by the talk of new Nevada taxes, you may want to set up your corporations and LLCs in Wyoming. Wyoming has no state taxes and is sitting on a billion dollar state surplus. They are not likely to put in a tax anytime soon, if ever. For now, the safer choice is to set up in Wyoming and see what happens in Nevada.
We have an office in Jackson Hole, Wyoming and set up entities there all the time.