What is a NAICS code and why does the Comptrollers office require it on the report forms?
The North American Industry Classification System (NAICS) was developed jointly by the United States, Canada and Mexico to provide new comparability about business activity in North America. States must use NAICS codes when reporting data to the federal government. For federal purposes, NAICS has replaced the Standard Industrial Classification (SIC) codes. The Comptroller’s office uses the data to help us estimate revenue, to answer requests from the legislature and the public about taxable sales by industry, and to provide taxpayers specific information about changes in the tax laws that might affect a particular industry.
Related Questions
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- What is a NAICS code and why does the Comptrollers office require it on the report forms?
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