This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Taxable Sales In Nevada Up 3 Percent In December

By SANDRA CHEREB

CARSON CITY, Nev. (AP) â¿¿ Taxable sales in Nevada rose 3 percent in December compared with the same month a year ago, but the Department of Taxation reported Tuesday that general fund revenues from sales tax collections are 2 percent, or about $9 million, less than projections the Economic Forum made late last year.

Still, the December report marks the 30th consecutive month of increased sales activity since Nevada began clawing its way out the Great Recession in July 2010.

Statewide, merchants sold $4.3 billion in goods, on which the state collected $336.5 million in gross sales and use taxes. The revenue collection is up 3.6 percent for the month and 5.6 percent for the fiscal year that began July 1.

For the month, the portion of taxes that feed the state general fund totaled $84.2 million, representing a 2.1 percent increase over December 2011. But for the fiscal year, those collections are $9.3 million below the forecast made Nov. 30 by the Economic Forum, an independent panel of business experts that projects how much money the state will have to spend in the next two years.

The forum's projections are used to build the state budget, and the governor and lawmakers are barred by law from exceeding forum predictions when setting spending unless a new revenue source is specified.

Sales and use taxes account for about 30 percent of general fund revenues.

Eight of Nevada's 17 counties reported greater sales in December. Increases were noted in the sales of vehicles and parts, bars and restaurants, accommodations, and clothing and accessories.

Clark County, in southern Nevada, had taxable sales of $3.1 billion in December, an increase of 6 percent from the same month in 2011.. In northern Nevada's largest county, Washoe, sales totaled $552 million, down 4.7 percent.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,790.84 +112.94 0.68%
S&P 500 1,961.36 +10.54 0.54%
NASDAQ 4,473.2870 +20.4950 0.46%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs