Nev. Admin. Code § 360.896 — 360.896

NAC 360.896    Notice to Department of used transferable tax credits and false
statement or representation made by project sponsor in application or of
failure to comply with certain requirements; issuance of notice of liability;
notice to Department of fraudulent information submitted by transferee;
transferable tax credits subject to forfeiture or repayment. ( NRS 360.090 , 360.867 )
1.  The Division shall notify the Department
if the Division finds that:
(a) A transferee has used transferable tax credits;
and
(b) The project sponsor who obtained the
transferable tax credits used by the transferee:
(1) Submitted a false statement or made a
false representation when applying for the transferable tax credits; or
(2) Failed to comply with the requirements of NRS 360.860 to 360.870 , inclusive.
2.  Upon receipt of a notification pursuant
to subsection 1, the Department shall issue a notice of liability to the
project sponsor for any portion of the transferable tax credits to which the
project sponsor is not entitled.
3.  The Division shall notify the Department
if the Division finds that a transferee submitted fraudulent information in
connection with the purchase of transferable tax credits. Such transferable tax
credits will be subject to forfeiture or repayment by the transferee to the
Department for any portion to which the transferee is not entitled.
(Added to NAC by Tax Comm’n by R074-20, eff. 4-11-2022)