Nevada taxable sales increase 3 percent in latest month

Nevada’s taxable sales for July totaled $4.4 billion, an increase of 3 percent when compared with July 2015, according to the Nevada Taxation Department.

Some of the largest state increases were in food services and drinking places, up 5.6 percent, and in rental and leasing services, up 24.1 percent.

Taxable sales statewide from food services and drinking places rose from $981 million to $1 billion year-over-year.

Over the year, taxable sales statewide from rental and leasing services jumped from $147.1 million to $182.6 million.

Taxables sales from utilities dropped statewide by 56.6 percent, from $124.6 million in July 2015 to $54.1 million in July 2016.

Michael Pelham, management analyst with the state taxation department said the decline in utilities likely had to do with several solar energy projects in 2015. Pelham added that such projects often involve large equipment purchases or rentals which offer a short term boost.

In Clark County, July’s taxable sales totaled $3.2 billion, an increase of 1.6 percent when compared with July 2015.

Taxable sales from utilities in Clark County declined 60.8 percent over the year, from $120.3 million in July 2015, to $47.1 million this year.

Taxable sales in July from food services and drinking places in Clark County increased 5.8 percent over the year from $832 million to $880.1 million this year.

Rental and leasing services in Clark County increased 15.1 percent from $116.5 million to $134.1 million.

State gross revenue collections from sales and use taxes, which help fund schools and prisons, amounted to $347.5 million, a 3.25 percent increase compared to July 2015.

The state’s general fund share of sales and use taxes in July was 2 percent, or $87.6 million. That number was below forecasts by the Economic Forum, a nonpartisan group that projects state budget revenues.

Contact Alexander S. Corey at acorey@reviewjournal.com or 702-383-0270. Find @acoreynews on Twitter.