1. An assessment of 10 percent, payable quarterly to the Department of Taxation, is imposed upon the gross receipts of a manufacturer from the sale of each substance licensed for manufacture pursuant to NRS 585.495.
2. The Nevada Tax Commission shall prescribe by regulation appropriate forms for reporting such gross receipts, and shall when appropriate recompute the assessment and collect any deficiency in the manner provided for taxes required to be paid pursuant to title 32 of NRS. Each manufacturer shall report the sales and pay the assessment during the months of January, April, July and October for the respective preceding calendar quarters.
3. As used in this section:
(a) “Gross receipts” means the total amount of the sale of each substance, valued in money, whether received in money or otherwise, without deduction for any of the following:
(1) The cost of the substance sold.
(2) The cost of the materials used, labor or service, any interest paid or any losses or other expense.
(3) The cost of marketing the substance.
(4) The cost of transporting the substance before its sale to the purchaser.
(b) “Sale” includes any transfer of title or possession, exchange or barter, whether conditional or otherwise, of a substance for a consideration.
(c) “Total amount of the sale” includes:
(1) Any services that are a part of the sale; and
(2) All receipts, cash, credits and property of any kind.
(Added to NRS by 1983, 223)
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