NRS 360.892 Limitations on amounts of transferable tax credits which may be issued by Office of Economic Development. [Effective through June 30, 2032.]
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NRS 360.892 Limitations on amounts of transferable tax credits which may be issued by Office of Economic Development. [Effective through June 30, 2032.]
1. Except as otherwise provided in this section, the Office of Economic Development shall not approve transferable tax credits:
(a)For Fiscal Year 2017-2018, 2018-2019, 2019-2020, 2020-2021, 2021-2022, 2022-2023, 2023-2024 or 2024-2025, if approval of the transferable tax credits would cause the total amount of transferable tax credits issued pursuant to NRS 360.880 to 360.896 , inclusive, in that Fiscal Year to exceed $7,600,000.
(b)For a fiscal year beginning on or after July 1, 2025.
2. The total amount of transferable tax credits issued pursuant to NRS 360.880 to 360.896 , inclusive, to all qualified projects in this State must not exceed $38,000,000.
3. If in any fiscal year the Office does not approve an amount of transferable tax credits equal to the total amount authorized by paragraph
(a)or
(b)of subsection 1, the remaining amount of transferable tax credits must be carried forward and made available for approval during subsequent fiscal years ending on or before June 30, 2025.
4. Each transferable tax credit issued pursuant to NRS 360.880 to 360.896 , inclusive, expires 4 years after the date on which the transferable tax credit is issued to the lead participant. A transferable tax credit issued pursuant to NRS 360.880 to 360.896 , inclusive, may be transferred only once.