Resolved by the Senate and Assembly of the State of Nevada,
Jointly, That section 1 of article 10 of the Constitution of the State of
Nevada be amended to read as follows:
- Section 1. 1. The legislature shall provide by law for a uniform and
- equal rate of assessment and taxation, and shall prescribe such regulations
- as shall secure a just valuation for taxation of all property, real, personal
- and possessory, except mines and mining claims, which shall be assessed
- and taxed only as provided in section 5 of this article.
- 2. Shares of stock, bonds, mortgages, notes, bank deposits, book
- accounts and credits, and securities and choses in action of like character
- are deemed to represent interest in property already assessed and taxed,
- either in Nevada or elsewhere, and shall be exempt.
- 3. The legislature may constitute agricultural and open-space real
- property having a greater value for another use than that for which it is
- being used, as a separate class for taxation purposes and may provide a
- separate uniform plan for appraisal and valuation of such property for
- assessment purposes. If such plan is provided, the legislature shall also
- provide for retroactive assessment for a period of not less than 7 years
- when agricultural and open-space real property is converted to a higher use
- conforming to the use for which other nearby property is used.
- 4. Personal property which is moving in interstate commerce through
- or over the territory of the State of Nevada, or which was consigned to a
- warehouse, public or private, within the State of Nevada from outside the
- State of Nevada for storage in transit to a final destination outside the State
- of Nevada, whether specified when transportation begins or afterward, shall
- be deemed to have acquired no situs in Nevada for purposes of taxation and
- shall be exempt from taxation. Such property shall not be deprived of such
- exemption because while in the warehouse the property is assembled,
- bound, joined, processed, disassembled, divided, cut, broken in bulk,
- relabeled or repackaged.
- 5. The legislature may exempt motor vehicles from the provisions of
- the tax required by this section, and in lieu thereof, if such exemption is
- granted, shall provide for a uniform and equal rate of assessment and
- taxation of motor vehicles, which rate shall not exceed five cents on one
- dollar of assessed valuation.
- 6. The legislature shall provide by law for a progressive reduction in
- the tax upon business inventories by 20 percent in each year following the
- adoption of this provision, and after the expiration of the 4th year such
- inventories are exempt from taxation. The legislature may exempt any other
- personal property, including livestock.
- 7. No inheritance tax shall ever be levied
- .
- 8. The legislature may exempt by law property used for municipal,
- educational, literary, scientific or other charitable purposes, or to encourage
- the conservation of energy or the substitution of other sources for fossil
- sources of energy.
- 9. No income tax shall be levied upon the wages or personal income of
- natural persons. Notwithstanding the foregoing provision, and except as
- otherwise provided in subsection 1 of this section, taxes may be levied
- upon the income or revenue of any business in whatever form it may be
- conducted for profit in the state.