Multistate Tax Alert: Nevada State Court Invalidates Proposed Margin Tax Initiative Petition; Appeal Anticipated |
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On October 23, 2012, the Carson City District Court (the “District Court”) issued its decision in Committee to Protect Jobs v. The Education Initiative PAC and Ross Miller, Nevada Secretary of State, a case involving an initiative petition (the “Petition”) that seeks to amend the Nevada Revenue and Taxation Code to add a new state-level margin tax. In its decision, the District Court held that the description of the proposed tax contained in the Petition is “incomplete, deceptive, misleading, and therefore, invalidates the Petition.” Based on this holding, the court issued an order enjoining the Nevada Secretary of State “from submitting the Petition to the 2013 Legislature and from placing the Petition on the general election ballot in 2014.” Proponents of the proposed tax have indicated that they intend to appeal the case to the Nevada Supreme Court.
In the attached Tax Alert we summarize the proposed margin tax as well as the various District Court proceedings concerning this proposed tax.
Nevada State Court Invalidates Proposed Margin Tax Initiative Petition; Appeal Anticipated
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