Abstract
The Live Entertainment Tax (LET) in Nevada generated nearly one billion dollars during the 2019-2020 fiscal year. LET revenue all goes to the State General Fund, even though 97 percent of LET revenue is generated in Clark County. Nevada is experiencing an economic crisis, particularly in the tourism industry. Solutions from various fields suggest the best way to boost the local economy is to reinvest revenue in its original county. One policy solution Nevada policymakers should consider is to carve out a percentage of revenue generated by the LET to return directly back to Clark County to revitalize tourism.
Highlights
One essential component to the Las Vegas hospitality industry is live entertainment
The Live Entertainment Tax (LET) in Nevada is a nine percent admissions charge on any facility that provides recreational services or any similar purpose event with a minimum occupancy of 200, where both the entertainers and audience must be in physical attendance (Nevada Department of Taxation, n.d)
The stadium illustrates one example of the potential for LET revenue to be reinvested in the Las Vegas entertainment industry
Summary
One essential component to the Las Vegas hospitality industry is live entertainment. The Live Entertainment Tax (LET) in Nevada is a nine percent admissions charge on any facility that provides recreational services or any similar purpose event with a minimum occupancy of 200, where both the entertainers and audience must be in physical attendance (Nevada Department of Taxation, n.d). The Live Entertainment Tax is a small contributor (2.8 percent) to the State General Fund (The Guinn Center, n.d.). The Nevada mining tax is an example of a carve-out tax in the state, where the county and state spilt the revenue generated from that industry.
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