Nevada Revised Statutes 362.115 – Annual statement of estimated gross yield, net proceeds and royalties; quarterly reports; payment of portion of estimated tax liability; use of statement. [Effective through June 30, 2023.]
1. In addition to the statement required by subsection 1 of NRS 362.110, each person extracting any mineral in this State:
Terms Used In Nevada Revised Statutes 362.115
- county: includes Carson City. See Nevada Revised Statutes 0.033
- Department: means the Department of Taxation. See Nevada Revised Statutes 360.001
- Mineral: includes oil, gas and other hydrocarbons, but does not include sand, gravel or water, except hot water or steam in an operation extracting geothermal resources for profit. See Nevada Revised Statutes 362.010
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
(a) Shall, on or before March 1 of each year, file with the Department a statement showing the estimated gross yield and estimated net proceeds from each such operation for the entire current calendar year and an estimate of all royalties that will be paid during the current calendar year and shall pay a portion of the tax upon the net proceeds and upon the royalties so estimated in an amount equal to the estimated net proceeds and royalties multiplied by a rate equal to the rate as determined pursuant to NRS 362.140 minus the combined rate of tax ad valorem for the county in which the operation is located, including any rate levied by the State of Nevada. The estimated payment may be reduced by the amount of any credit to which the taxpayer is entitled pursuant to NRS 362.130. The amount of the tax paid upon royalties must be deducted from the payment of the royalties.
(b) May file with the Department a quarterly report stating an estimate for the year and the actual quarterly amounts of production, gross yield and net proceeds as of March 31, June 30, September 30 and December 31, and pay any additional amount due. The additional estimated tax liability must be calculated by determining the difference between the revised estimates of net proceeds based on the recent production figures as indicated by the quarterly reports and the original estimate supplied pursuant to paragraph (a). If the person chooses to submit such reports, the reports must be submitted on a form prescribed by the Department not later than the last day of the month following the end of the calendar quarter and payment must be made within 30 days after filing any quarterly report that indicates an additional estimated tax liability.
2. The Department shall:
(a) Use the statement filed pursuant to subsection 1 to prepare estimates for use by local governments in the preparation of their budgets; and
(b) Submit those estimates to the local governments on or before March 15 of each year.