Nev. Admin. Code § 360.865 — 360.865

NAC 360.865    Reduction or withholding of credits under certain circumstances;
repayment of amount of credits under certain circumstances; circumstances under
which Office will not require forfeiture of credits purchased in good faith. ( NRS 360.759 )
1.  In calculating the amount of transferable
tax credits available to an eligible producer pursuant to NRS 360.7591 to 360.7594 , inclusive, the Office
may:
(a) Reduce the cumulative amount of transferable
tax credits that are calculated pursuant to NRS 360.7591 to 360.7594 , inclusive, and NAC 360.855 and 360.860 by an amount equal to any damages
incurred by the State or any political subdivision of this State as a result of
a qualified production that is produced in this State.
(b) Withhold transferable tax credits, in whole or
in part, until any pending legal action in this State against a producer or
involving a qualified production is resolved.
2.  If the Office finds that a producer is
ineligible for transferable tax credits because the producer has submitted any
false statement, representation or certification in any document submitted for
the purpose of obtaining transferable tax credits or if the Office finds that a
producer has otherwise become ineligible for transferable tax credits after
receiving a certificate of eligibility, the Office will require the producer to
repay to the Department or the Nevada Gaming Control Board, as applicable, any
portion of the transferable tax credits to which the producer is not entitled.
3.  The Office will not require a person who
purchases transferable tax credits in good faith to forfeit the transferable
tax credits unless the person submitted fraudulent information in connection
with the purchase.
(Added to NAC by Office of Economic Dev. by R120-13,
eff. 12-23-2013)
TRANSFERABLE TAX CREDITS FOR AFFORDABLE HOUSING