What is a NAICS code and why is it required on the 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 instead of the Standard Industrial Classification (SIC) codes when reporting data to the federal government. 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. NAICS codes are online at the U.S. Census Bureau’s Web site. In the “enter keyword” box for the 2007 NAICS search, enter the word or words that best describe your business, and click on “2007 NAICS Search.” The search will return the classification choices for you to select the best match for your business.
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 instead of the Standard Industrial Classification (SIC) codes when reporting data to the federal government. 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. NAICS codes are online at the U.S. Census Bureau’s Web site. In the “enter keyword” box for the 2007 NAICS search, enter the word or words that best describe your business, and click on “2007 NAICS Search.” The search will return the classification choices for you to select the best match for your business.
