![]() Lombardo said in a statement to the AP that his plan “would have saved Nevada families and small businesses millions” of dollars,īut Democratic state Sen. But the plan went nowhere in the Democratic-led Legislature. Joe Lombardo proposed last year to suspend the state’s gasoline tax, which would have added Nevada to the national tax-cutting trend. As a result, Nevada’s revenue plummeted when the COVID-19 pandemic kept tourists away, then rebounded to produce a historic $11.6 billion biennial budget as tourists returned and inflation took hold. ![]() The bulk of Nevada’s revenue comes from sales and gambling taxes, which fall heavily on out-of-state travelers spending money in places like the Las Vegas Strip. Alaska also has no statewide sales tax, instead relying heavily on oil revenue and earnings from investment funds. ![]() The past few years marked the largest wave of individual income tax rate reductions since states began enacting such taxes over a century ago, said Jared Walczk, vice president of state projects at the nonprofit Tax Foundation.Īlaska and Nevada are among nine states that levy no individual income tax. And it includes permanent individual income tax rate reductions enacted primarily by Republican-led states such as Missouri and Mississippi, which is now feuding internally over new revenue projections. The tally also includes targeted tax breaks such as expanded deductions or credits for families with children and seniors on retirement incomes. Those include cash-back plans, such as Delaware’s $300 rebate and California’s rebate of between $200 and $1,050 for individuals earning up to $250,000 and households up to $500,000. That follows a $15.5 billion net tax reduction from the 2023 fiscal year.Ībout four-fifths of the states passed some sort of income tax break since 2021, according to a tally by The Associated Press. As a whole, state-level tax reductions are projected to result in $13.3 billion less in general revenue this year compared to what states otherwise would have collected, according to a recent report by the National Association of State Budget Officers.
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