NRS362.115. Annual statement of estimated gross yield, net proceeds and royalties; quarterly reports; payment of estimated tax liability; use of statement by Department. [Effective November 25, 2014, and through June 30, 2015, if the provisions of Senate Joint Resolution No. 15 (2011) are approved and ratified by the voters at the 2014 General Election.]

      1.  In addition to the statement filed pursuant to NRS 362.110, each person who engages in mineral extraction:

      (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 extractive operation for the entire current calendar year and an estimate of all royalties that will be paid by each extractive operation for the entire current calendar year and shall pay the tax upon mineral extraction and the tax upon royalties based on the estimates. 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 paid for the tax upon royalties must be deducted from the payment of the royalties to the recipient.

      (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 affected local governments on or before March 15 of each year.

      (Added to NRS by 1987, 2141; A 1989, 36, 1536; 1993, 1360; 1995, 40; 1999, 733; 2005, 308; 2008, 25th Special Session, 15; 2011, 2896; 2013, 3123, 3425, effective November 25, 2014, and through June 30, 2015, if the provisions of Senate Joint Resolution No. 15 (2011) are approved and ratified by the voters at the 2014 General Election)