Financial projections show that Nevada’s revenue from taxes will be at a rate better than inflation. (MGN Online)
CARSON CITY, Nev. (AP) —
Financial projections show the state will see revenue from sales, gaming and other taxes growing at better than the inflation rate through mid-2021 for a total increase of $591 million.
The Nevada Economic Forum approved the projections Monday. Overall, the state’s general fund revenue for 2019-2021 biennium is forecast at $8.8 billion, up 7.2 percent from the current $8.2 billion.
The biennium covers two state fiscal years, which run July to June.
Forum member Marv Leavitt expressed some concern, saying the forum, “historically tends to over-estimate sales tax.”
The sales and use tax is the largest revenue stream feeding the General Fund, projected to bring in $2.72 billion of that total.
The sales tax projection estimates revenues will increase by about 5.2 percent in 2020 and 4 percent in 2021.