Bill > SB412

This bill revises the existing excise tax requirements for banks with multiple branch offices in Nevada. Currently, banks pay a $1,750 tax for each branch office beyond one branch per county, calculated quarterly. The bill changes this by shifting the tax calculation and payment to an annual basis, with the tax now being assessed and due on July 1 of each year. Specifically, banks must file a return with the Department and pay the tax by July 31, based on the number of branch offices they maintain on July 1. The bill provides a broad definition of "branch office" that includes physical locations, drive-in facilities, seasonal offices, and even digital banking locations where customers can open accounts or conduct transactions, while explicitly excluding automated teller machines and certain other banking service points. The definition of "bank" encompasses state and federally chartered banking corporations, limited-liability companies, and foreign banks licensed in Nevada, but excludes credit unions and certain other financial institutions. The bill will become effective on July 1, 2027, giving banks and regulatory bodies ample time to prepare for the new tax assessment method.

Budget and Finance, Business and Industry

Commerce and Labor (S)

https://www.leg.state.nv.us/App/NELIS/REL/83rd2025/Bill/12739/Overview