EXEMPT
(Reprinted with amendments adopted on April 16, 2025)
FIRST REPRINT S.B. 412
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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—Revises 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; revising provisions
relating to certain excise taxes 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. Existing law 3
requires the excise tax to be paid on or before the last day of the first month of the 4
calendar quarter. (NRS 363A.120) This bill: (1) imposes the $1,750 excise tax on 5
each branch office in excess of one branch office maintained by a bank in each 6
county of this State on July 1 each year; and (2) requires the excise tax to be paid 7
on or before July 31 each year. 8
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN
SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Section 1. (Deleted by amendment.) 1
Sec. 1.5. NRS 363A.120 is hereby amended to read as 2
follows: 3
363A.120 1. There is hereby imposed an excise tax on each 4
bank at the rate of $1,750 for each branch office maintained by the 5
bank in this State in excess of one branch office maintained by 6
the bank in each county in this State on [the first day of each 7
calendar quarter.] July 1 of each year. 8
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2. Each bank that maintains more than one branch office in any 1
county in this State on [the first day of a calendar quarter] July 1, 2
shall, on or before [the last day of the first month of that calendar 3
quarter:] July 31: 4
(a) File with the Department a return on a form prescribed by 5
the Department; and 6
(b) Remit to the Department any tax due pursuant to this section 7
for the branch offices maintained by the bank in this State on [the 8
first day of that calendar quarter.] July 1. 9
3. For the purposes of this section: 10
(a) “Bank” means: 11
(1) A corporation or limited-liability company that is 12
chartered by this State, another state or the United States which 13
conducts banking or banking and trust business; or 14
(2) A foreign bank licensed pursuant to chapter 666A of 15
NRS. 16
The term does not include a financial institution engaging in 17
business pursuant to chapter 677 of NRS, a credit union organized 18
under the provisions of chapter 672 of NRS or the Federal Credit 19
Union Act, or any person or other entity this State is prohibited from 20
taxing under the Constitution, laws or treaties of the United States or 21
the Nevada Constitution. 22
(b) “Branch office” means any location or facility of a bank 23
where deposit accounts are opened, deposits are accepted, checks 24
are paid and loans are granted, including, but not limited to, a brick 25
and mortar location, a detached or attached drive-in facility, a 26
seasonal office, an office on a military base or government 27
installation, a station or unit for paying and receiving, and a location 28
where a customer can open accounts, make deposits and borrow 29
money by telephone or through use of the Internet, and excluding 30
any automated teller machines, consumer credit offices, contractual 31
offices, customer bank communication terminals, electronic fund 32
transfer units and loan production offices. 33
Sec. 2. This act becomes effective on July 1, 2027. 34
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