Nev. Admin. Code § 360.847 — 360.847

NAC 360.847    Issuance, transfer and application of transferable tax credits:
Required notices to Department. ( NRS
360.759 )
1.  If the Office certifies the audit
provided by a producer pursuant to paragraph (e) of subsection 3 of NRS 360.759 and determines that all
other requirements for transferable tax credits have been met, at the same time
that the Office notifies the producer that transferable tax credits will be
issued, the Office shall notify the Department that the transferable tax
credits will be issued. The notice must provide the name of the producer and
the amount of transferable tax credits that will be issued.
2.  Upon receipt of the irrevocable
declaration filed by a producer pursuant to subsection 6 of NRS 360.759 to declare the amount of
transferable tax credits that will be applied to each tax or fee set forth in
subsection 1 of NRS 360.759 , the
Office shall forward to the Department a copy of the certificate of eligibility
which:
(a) Identifies the amount of transferable tax
credits to be applied to the taxes imposed by chapters 363A , 363B and 680B of NRS, segregated by the amount of
credit to be applied to each of those taxes; and
(b) Accounts for all of the credits which will be
applied to those taxes.
3.  Within 5 calendar days after receiving
notice from a producer of the transfer of transferable tax credits pursuant to
subsection 6 of NRS 360.759 , the
Office shall notify the Department of all transferable tax credits transferred,
segregated by each credit applied to the taxes imposed by chapter 363A , 363B or 680B of NRS. The notification must
include, without limitation:
(a) Contact information for the current holder of
the transferable tax credits and each person to whom the transferable tax
credits will be transferred;
(b) The current state of residence of the current
holder of the transferable tax credits and each person to whom the transferable
tax credits will be transferred;
(c) The dollar amount of the transfer; and
(d) The proposed date of the transfer.
4.  A holder of the transferable tax credits,
other than a producer, who intends to transfer any credit applied to the taxes
imposed by chapter 363A , 363B or 680B of NRS must notify the Department
of all such credits to be transferred, segregated by each credit applicable to
the taxes set forth in chapters 363A ,
363B and 680B of NRS. The notification must
include, without limitation:
(a) Contact information for the current holder of
the transferable tax credits and each person to whom the transferable tax
credits will be transferred;
(b) The current state of residence of the current
holder of the transferable tax credits and each person to whom the transferable
tax credits will be transferred;
(c) The dollar amount of the transfer; and
(d) The proposed date of the transfer.
5.  A holder of transferable tax credits who
is applying such a credit to an amount of taxes due pursuant to chapter 363A , 363B or 680B of NRS shall include with the
applicable return a form provided by the Department that indicates the amount
of credit applied to the taxes due for that return.
6.  A return in which any transferable tax
credits are applied to a tax due pursuant to chapter 363A , 363B or 680B of NRS must be mailed to the
Department at the following address:
Film Tax Credit Return
Processing
Nevada Department of
Taxation
1550 College Parkway,
Suite 115
Carson City, NV 89706
7.  The amount of credit claimed in a single
tax return may not exceed the amount of tax due for that return.
(Added to NAC by Tax Comm’n by R134-13, eff. 10-24-2014)