S.B. 412
- *SB412*
SENATE BILL NO. 412–COMMITTEE ON COMMERCE AND LABOR
MARCH 20, 2025
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Referred to Committee on Revenue and
Economic Development
SUMMARY—Repeals provisions relating to financial institutions.
(BDR 32-952)
FISCAL NOTE: Effect on Local Government: No.
Effect on the State: Yes.
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EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted.
AN ACT relating to financial institutions; eliminating an excise tax
on certain bank branches; and providing other matters
properly relating thereto.
Legislative Counsel’s Digest:
Existing law imposes a $1,750 excise tax on a bank for each branch office 1
maintained in this State in excess of one branch office maintained by the bank in 2
each county of this State on the first day of each calendar quarter. (NRS 363A.120) 3
This bill provides for the repeal of these provisions on July 1, 2029. 4
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN
SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Section 1. NRS 363A.120 is hereby repealed. 1
Sec. 2. This act becomes effective on July 1, 2029. 2
TEXT OF REPEALED SECTION
363A.120 Excise tax on banks: Imposition, amount and
payment; filing of return.
1. There is hereby imposed an excise tax on each bank at the
rate of $1,750 for each branch office maintained by the bank in this
– 2 –
- *SB412*
State in excess of one branch office maintained by the bank in each
county in this State on the first day of each calendar quarter.
2. Each bank that maintains more than one branch office in any
county in this State on the first day of a calendar quarter shall, on or
before the last day of the first month of that calendar quarter:
(a) File with the Department a return on a form prescribed by
the Department; and
(b) Remit to the Department any tax due pursuant to this section
for the branch offices maintained by the bank in this State on the
first day of that calendar quarter.
3. For the purposes of this section:
(a) “Bank” means:
(1) A corporation or limited-liability company that is
chartered by this State, another state or the United States which
conducts banking or banking and trust business; or
(2) A foreign bank licensed pursuant to chapter 666A of
NRS.
The term does not include a financial institution engaging in
business pursuant to chapter 677 of NRS, a credit union organized
under the provisions of chapter 672 of NRS or the Federal Credit
Union Act, or any person or other entity this State is prohibited from
taxing under the Constitution, laws or treaties of the United States or
the Nevada Constitution.
(b) “Branch office” means any location or facility of a bank
where deposit accounts are opened, deposits are accepted, checks
are paid and loans are granted, including, but not limited to, a brick
and mortar location, a detached or attached drive-in facility, a
seasonal office, an office on a military base or government
installation, a station or unit for paying and receiving, and a location
where a customer can open accounts, make deposits and borrow
money by telephone or through use of the Internet, and excluding
any automated teller machines, consumer credit offices, contractual
offices, customer bank communication terminals, electronic fund
transfer units and loan production offices.
H