NRS 360.7573 Authority of Board of Economic Development to deny or condition approval of abatement, partial abatement or transferable tax credits if approval not in best interests of State; factors to consider in determining best interests of State.

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. Notwithstanding any other provisions of law, if the Board of Economic Development determines, with respect to an application for an abatement or partial abatement of taxes or for transferable tax credits which is reviewed by the Board, that granting the full amount of the abatement, partial abatement or transferable tax credits requested or to which the applicant would otherwise be entitled is not in the best interests of the State, the Board must:

(a)Deny the application; or

(b)Approve the application but for a lesser amount, or otherwise place conditions on the approval of the abatement, partial abatement or transferable tax credits.

2. In determining whether granting the full amount of an abatement, partial abatement or transferable tax credits is in the best interests of the State for the purposes of subsection 1, the Board of Economic Development may consider the following factors, with respect to the business that is the subject of the application:

(a)The projected water consumption of the business, particularly if the business is or will be located in a region with limited water resources, with the goal of promoting the sustainable use of the water supplies in this State.

(b)The alignment of the business with the social objectives of the State, including, without limitation, the promotion of equity, education and community well-being.

(c)The potential environmental impact of the business, including, without limitation, the likelihood of a significant adverse effect on air quality, water quality or local ecosystems.

(d)The alignment of the business with the economic objectives of the State, including, without limitation, the creation of jobs, the diversification of the economy of the State and the long-term economic development of the State.

(e)The anticipated impact of the business on local communities, including, without limitation, the impact on traffic, infrastructure and community resources.

(f)The financial stability and viability of the business, including, without limitation, signs of financial instability that may pose a risk to state investments.

3. The Board of Economic Development may consider the factors listed in subsection 2 with respect to any other decision which the Board is authorized to make with respect to an application for an abatement, partial abatement or transferable tax credits, including, without limitation, the duration of the abatement, partial abatement or transferable tax credits.