Nev. Rev. Stat. § 360.750 — Partial abatement of certain taxes imposed on new or expanded businesses: Powers and duties of Office of Economic Development, Nevada Tax Commission, applicant for abatement, business approved for abatement and county treasurer. [Effective through June 30, 2032.]

NRS  360.750    Partial abatement of certain taxes imposed on new or expanded
businesses: Powers and duties of Office of Economic Development, Nevada Tax
Commission, applicant for abatement, business approved for abatement and county
treasurer. [Effective through June 30, 2032.]
1.  A person who intends to locate or
expand a business in this State may apply to the Office of Economic Development
pursuant to this section for a partial abatement of one or more of the taxes
imposed on the:
(a) New business pursuant to chapter 361 , 363B
or 374 of NRS.
(b) Expanded business pursuant to chapter 361 or 363B
of NRS or a partial abatement of the local sales and use taxes imposed on the
expanded business. As used in this paragraph, “local sales and use taxes” means
the taxes imposed on the gross receipts of any retailer from the sale of
tangible personal property sold at retail, or stored, used or otherwise
consumed, in the political subdivision in which the business is to be located
or expanded, except the taxes imposed by the Sales and Use Tax Act and the
Local School Support Tax Law.
2.  The Office of Economic Development
shall approve an application for a partial abatement pursuant to this section
if the Office makes the following determinations:
(a) The business offers primary jobs and is
consistent with:
(1) The State Plan for Economic
Development developed by the Executive Director of the Office of Economic
Development pursuant to subsection 2 of NRS
231.053 ; and
(2) Any guidelines adopted by the
Executive Director of the Office to implement the State Plan for Economic
Development.
(b) Not later than 1 year after the date on which
the application was received by the Office, the applicant has executed an
agreement with the Office which must:
(1) Comply with the requirements of NRS 360.755 ;
(2) State the date on which the abatement
becomes effective, as agreed to by the applicant and the Office, which must not
be earlier than the date on which the Office received the application and not
later than 1 year after the date on which the Office approves the application;
(3) State that the business will, after
the date on which the abatement becomes effective, continue in operation in
this State for a period specified by the Office, which must be at least 5
years, and will continue to meet the eligibility requirements set forth in this
subsection;
(4) State that the business will offer
primary jobs; and
(5) Bind the successors in interest of the
business for the specified period.
(c) The business is registered pursuant to the
laws of this State or the applicant commits to obtain a valid business license
and all other permits required by the county, city or town in which the
business operates.
(d) Except as otherwise provided in subsection 4,
5 or 6, the average hourly wage that will be paid by the business to its new
employees in this State is at least 100 percent of the average statewide hourly
wage as established by the Employment Security Division of the Department of
Employment, Training and Rehabilitation on July 1 of each fiscal year.
(e) The business will, by the eighth calendar
quarter following the calendar quarter in which the abatement becomes
effective, offer a health insurance plan for all employees that includes an
option for health insurance coverage for dependents of the employees, and the
health care benefits the business offers to its employees in this State will
meet the minimum requirements for health care benefits established by the
Office.
(f) Except as otherwise provided in this
subsection and NRS 361.0687 , if the
business is a new business in a county whose population is 100,000 or more or a
city whose population is 60,000 or more, the business meets at least one of the
following requirements:
(1) The business will have 50 or more
full-time employees on the payroll of the business by the eighth calendar
quarter following the calendar quarter in which the abatement becomes effective
who will be employed at the location of the business in that county or city
until at least the date which is 5 years after the date on which the abatement
becomes effective.
(2) Establishing the business will require
the business to make, not later than the date which is 2 years after the date
on which the abatement becomes effective, a capital investment of at least
$1,000,000 in this State in capital assets that will be retained at the
location of the business in that county or city until at least the date which
is 5 years after the date on which the abatement becomes effective.
(g) Except as otherwise provided in NRS 361.0687 , if the business is a new
business in a county whose population is less than 100,000, in an area of a
county whose population is 100,000 or more that is located within the
geographic boundaries of an area that is designated as rural by the United
States Department of Agriculture and at least 20 miles outside of the
geographic boundaries of an area designated as urban by the United States
Department of Agriculture, or in a city whose population is less than 60,000,
the business meets at least one of the following requirements:
(1) The business will have 10 or more
full-time employees on the payroll of the business by the eighth calendar
quarter following the calendar quarter in which the abatement becomes effective
who will be employed at the location of the business in that county or city
until at least the date which is 5 years after the date on which the abatement
becomes effective.
(2) Establishing the business will require
the business to make, not later than the date which is 2 years after the date
on which the abatement becomes effective, a capital investment of at least
$250,000 in this State in capital assets that will be retained at the location
of the business in that county or city until at least the date which is 5 years
after the date on which the abatement becomes effective.
(h) If the business is an existing business, the
business meets at least one of the following requirements:
(1) For a business in:
(I) Except as otherwise provided in
sub-subparagraph (II), a county whose population is 100,000 or more or a city
whose population is 60,000 or more, the business will, by the eighth calendar
quarter following the calendar quarter in which the abatement becomes
effective, increase the number of employees on its payroll in that county or
city by 10 percent more than it employed in the fiscal year immediately
preceding the fiscal year in which the abatement becomes effective or by
twenty-five employees, whichever is greater, who will be employed at the
location of the business in that county or city until at least the date which is
5 years after the date on which the abatement becomes effective; or
(II) A county whose population is
less than 100,000, an area of a county whose population is 100,000 or more that
is located within the geographic boundaries of an area that is designated as
rural by the United States Department of Agriculture and at least 20 miles
outside of the geographic boundaries of an area designated as urban by the
United States Department of Agriculture, or a city whose population is less
than 60,000, the business will, by the eighth calendar quarter following the
calendar quarter in which the abatement becomes effective, increase the number
of employees on its payroll in that county or city by 10 percent more than it
employed in the fiscal year immediately preceding the fiscal year in which the
abatement becomes effective or by six employees, whichever is greater, who will
be employed at the location of the business in that county or city until at
least the date which is 5 years after the date on which the abatement becomes
effective.
(2) The business will expand by making a
capital investment in this State, not later than the date which is 2 years
after the date on which the abatement becomes effective, in an amount equal to
at least 20 percent of the value of the tangible property possessed by the
business in the fiscal year immediately preceding the fiscal year in which the
abatement becomes effective, and the capital investment will be in capital
assets that will be retained at the location of the business in that county or
city until at least the date which is 5 years after the date on which the
abatement becomes effective. The determination of the value of the tangible
property possessed by the business in the immediately preceding fiscal year
must be made by the:
(I) County assessor of the county in
which the business will expand, if the business is locally assessed; or
(II) Department, if the business is
centrally assessed.
(i) The applicant has provided in the application
an estimate of the total number of new employees which the business anticipates
hiring in this State by the eighth calendar quarter following the calendar
quarter in which the abatement becomes effective if the Office approves the
application.
(j) Except as otherwise provided in subsection 3,
if the business will have at least 50 full-time employees on the payroll of the
business by the eighth calendar quarter following the calendar quarter in which
the abatement becomes effective, the business, by the earlier of the eighth
calendar quarter following the calendar quarter in which the abatement becomes
effective or the date on which the business has at least 50 full-time employees
on the payroll of the business, has a policy for paid family and medical leave
and agrees that all employees who have been employed by the business for at
least 1 year will be eligible for at least 12 weeks of paid family and medical
leave at a rate of at least 55 percent of the regular wage of the employee. The
business will agree in writing that if the Office approves the application, the
business will not:
(1) Prohibit, interfere with or otherwise
discourage an employee from taking paid family and medical leave:
(I) For any reason authorized
pursuant to the Family and Medical Leave Act of 1993, 29 U.S.C. §§ 2601 et seq.
(II) To care for any adult child,
sibling or domestic partner of the employee.
(2) Discriminate, discipline or discharge
an employee for taking paid family and medical leave:
(I) For any reason authorized
pursuant to the Family and Medical Leave Act of 1993, 29 U.S.C. §§ 2601 et seq.
(II) To care for any adult child,
sibling or domestic partner of the employee.
(3) Prohibit, interfere with or otherwise
discourage an employee or other person from bringing a proceeding or testifying
in a proceeding against the business for a violation of the policy for paid
family and medical leave that is required pursuant to this paragraph.
3.  For purposes of paragraph (j) of
subsection 2, the Office of Economic Development shall determine that a
business meets the requirements of that paragraph if the business has a policy
for paid family and medical leave for employees on the payroll of the business
outside of this State that meets or exceeds the requirements for a policy for
paid family and medical leave pursuant to that paragraph and the business
agrees in writing that its employees on the payroll in this State are eligible
for paid family and medical leave under such policy.
4.  Notwithstanding the provisions of
subsection 2, the Office of Economic Development:
(a) Shall not consider an application for a
partial abatement pursuant to this section unless the Office has requested a
letter of acknowledgment of the request for the abatement from any affected
county, school district, city or town.
(b) Shall consider the level of health care
benefits provided by the business to its employees, the policy of paid family
and medical leave provided by the business to its employees, the projected
economic impact of the business and the projected tax revenue of the business
after deducting projected revenue from the abated taxes.
(c) May, if the Office determines that such
action is necessary:
(1) Approve an application for a partial abatement
pursuant to this section by a business that does not meet the requirements set
forth in paragraph (f), (g) or (h) of subsection 2;
(2) Make any of the requirements set forth
in paragraphs (d) to (h), inclusive, of subsection 2 more stringent; or
(3) Add additional requirements that a
business must meet to qualify for a partial abatement pursuant to this section.
5.  Notwithstanding any other provision of
law, the Office of Economic Development shall not approve an application for a
partial abatement pursuant to this section if:
(a) The applicant intends to locate or expand in
a county in which the rate of unemployment is 7 percent or more and the average
hourly wage that will be paid by the applicant to its new employees in this
State is less than 70 percent of the average statewide hourly wage, as
established by the Employment Security Division of the Department of
Employment, Training and Rehabilitation on July 1 of each fiscal year.
(b) The applicant intends to locate or expand in
a county in which the rate of unemployment is less than 7 percent and the
average hourly wage that will be paid by the applicant to its new employees in
this State is less than 85 percent of the average statewide hourly wage, as
established by the Employment Security Division of the Department of
Employment, Training and Rehabilitation on July 1 of each fiscal year.
(c) The applicant intends to locate in a county
but has already received a partial abatement pursuant to this section for
locating that business in that county.
(d) The applicant intends to expand in a county
but has already received a partial abatement pursuant to this section for
expanding that business in that county.
(e) The applicant has changed the name or
identity of the business to evade the provisions of paragraph (c) or (d).
6.  Notwithstanding any other provision of
law, if the Office of Economic Development approves an application for a
partial abatement pursuant to this section, in determining the types of taxes
imposed on a new or expanded business for which the partial abatement will be
approved and the amount of the partial abatement:
(a) If the new or expanded business is located in
a county in which the rate of unemployment is 7 percent or more and the average
hourly wage that will be paid by the business to its new employees in this
State is less than 85 percent of the average statewide hourly wage, as
established by the Employment Security Division of the Department of
Employment, Training and Rehabilitation on July 1 of each fiscal year, the
Office shall not:
(1) Approve an abatement of the taxes
imposed pursuant to chapter 361 of NRS which
exceeds 25 percent of the taxes on personal property payable by the business
each year.
(2) Approve an abatement of the taxes
imposed pursuant to chapter 363B of NRS
which exceeds 25 percent of the amount of tax otherwise due pursuant to NRS 363B.110 .
(b) If the new or expanded business is located in
a county in which the rate of unemployment is less than 7 percent and the
average hourly wage that will be paid by the business to its new employees in
this State is less than 100 percent of the average statewide hourly wage, as
established by the Employment Security Division of the Department of
Employment, Training and Rehabilitation on July 1 of each fiscal year, the
Office shall not:
(1) Approve an abatement of the taxes
imposed pursuant to chapter 361 of NRS which
exceeds 25 percent of the taxes on personal property payable by the business
each year.
(2) Approve an abatement of the taxes
imposed pursuant to chapter 363B of NRS
which exceeds 25 percent of the amount of tax otherwise due pursuant to NRS 363B.110 .
7.  If the Office of Economic Development
approves an application for a partial abatement pursuant to this section, the
Office shall immediately forward a certificate of eligibility for the abatement
to:
(a) The Department;
(b) The Nevada Tax Commission; and
(c) If the partial abatement is from the property
tax imposed pursuant to chapter 361 of NRS,
the county treasurer.
8.  An applicant for a partial abatement
pursuant to this section or an existing business whose partial abatement is in
effect shall, upon the request of the Executive Director of the Office of
Economic Development, furnish the Executive Director with copies of all records
necessary to verify that the applicant meets the requirements of subsection 2.
9.  If an applicant for a partial abatement
pursuant to this section fails to execute the agreement described in paragraph
(b) of subsection 2 within 1 year after the date on which the application was
received by the Office, the applicant shall not be approved for a partial
abatement pursuant to this section unless the applicant submits a new
application.
10.  If a business whose partial abatement
has been approved pursuant to this section and is in effect ceases:
(a) To meet the requirements set forth in subsection
2; or
(b) Operation before the time specified in the
agreement described in paragraph (b) of subsection 2,
Ê the business
shall repay to the Department or, if the partial abatement was from the
property tax imposed pursuant to chapter 361
of NRS, to the county treasurer, the amount of the partial abatement that was
allowed pursuant to this section before the failure of the business to comply
unless the Nevada Tax Commission determines that the business has substantially
complied with the requirements of this section. Except as otherwise provided in
NRS 360.232 and 360.320 , the business shall, in addition to
the amount of the partial abatement required to be paid pursuant to this
subsection, pay interest on the amount due at the rate most recently
established pursuant to NRS 99.040 for
each month, or portion thereof, from the last day of the month following the
period for which the payment would have been made had the partial abatement not
been approved until the date of payment of the tax.
11.  A county treasurer:
(a) Shall deposit any money that he or she
receives pursuant to subsection 10 in one or more of the funds established by a
local government of the county pursuant to NRS
354.6113 or 354.6115 ; and
(b) May use the money deposited pursuant to
paragraph (a) only for the purposes authorized by NRS 354.6113 and 354.6115 .
12.  The Office of Economic Development may
adopt such regulations as the Office of Economic Development determines to be
necessary to carry out the provisions of this section and NRS 360.755 .
13.  The Nevada Tax Commission:
(a) Shall adopt regulations regarding:
(1) The capital investment that a new
business must make to meet the requirement set forth in paragraph (f) or (g) of
subsection 2; and
(2) Any security that a business is
required to post to qualify for a partial abatement pursuant to this section.
(b) May adopt such other regulations as the
Nevada Tax Commission determines to be necessary to carry out the provisions of
this section and NRS 360.755 .
14.  An applicant for a partial abatement
pursuant to this section who is aggrieved by a final decision of the Office of
Economic Development may petition for judicial review in the manner provided in
chapter 233B of NRS.
15.  For the purposes of this section, an
employee is a “full-time employee” if he or she is in a permanent position of
employment and works an average of 30 hours per week during the applicable
period set forth in subsection 2.

NRS  360.750    Partial abatement of
certain taxes imposed on new or expanded businesses: Powers and duties of
Office of Economic Development, Nevada Tax Commission, applicant for abatement,
business approved for abatement and county treasurer. [Effective July 1, 2032.]
1.  A person who intends to locate or
expand a business in this State may apply to the Office of Economic Development
pursuant to this section for a partial abatement of one or more of the taxes
imposed on the:
(a) New business pursuant to chapter 361 , 363B
or 374 of NRS.
(b) Expanded business pursuant to chapter 361 or 363B
of NRS or a partial abatement of the local sales and use taxes imposed on the
expanded business. As used in this paragraph, “local sales and use taxes” means
the taxes imposed on the gross receipts of any retailer from the sale of
tangible personal property sold at retail, or stored, used or otherwise
consumed, in the political subdivision in which the business is to be located or
expanded, except the taxes imposed by the Sales and Use Tax Act and the Local
School Support Tax Law.
2.  The Office of Economic Development
shall approve an application for a partial abatement pursuant to this section
if the Office makes the following determinations:
(a) The business offers primary jobs and is
consistent with:
(1) The State Plan for Economic
Development developed by the Executive Director of the Office of Economic
Development pursuant to subsection 2 of NRS
231.053 ; and
(2) Any guidelines adopted by the
Executive Director of the Office to implement the State Plan for Economic
Development.
(b) Not later than 1 year after the date on which
the application was received by the Office, the applicant has executed an
agreement with the Office which must:
(1) Comply with the requirements of NRS 360.755 ;
(2) State the date on which the abatement
becomes effective, as agreed to by the applicant and the Office, which must not
be earlier than the date on which the Office received the application and not
later than 1 year after the date on which the Office approves the application;
(3) State that the business will, after
the date on which the abatement becomes effective, continue in operation in
this State for a period specified by the Office, which must be at least 5
years, and will continue to meet the eligibility requirements set forth in this
subsection;
(4) State that the business will offer
primary jobs; and
(5) Bind the successors in interest of the
business for the specified period.
(c) The business is registered pursuant to the
laws of this State or the applicant commits to obtain a valid business license
and all other permits required by the county, city or town in which the
business operates.
(d) Except as otherwise provided in subsection 4,
5 or 6, the average hourly wage that will be paid by the business to its new
employees in this State is at least 100 percent of the average statewide hourly
wage as established by the Employment Security Division of the Department of
Employment, Training and Rehabilitation on July 1 of each fiscal year.
(e) The business will, by the eighth calendar
quarter following the calendar quarter in which the abatement becomes
effective, offer a health insurance plan for all employees that includes an
option for health insurance coverage for dependents of the employees, and the
health care benefits the business offers to its employees in this State will
meet the minimum requirements for health care benefits established by the
Office.
(f) Except as otherwise provided in this
subsection and NRS 361.0687 , if the
business is a new business in a county whose population is 100,000 or more or a
city whose population is 60,000 or more, the business meets at least one of the
following requirements:
(1) The business will have 75 or more
full-time employees on the payroll of the business by the eighth calendar
quarter following the calendar quarter in which the abatement becomes effective
who will be employed at the location of the business in that county or city
until at least the date which is 5 years after the date on which the abatement
becomes effective.
(2) Establishing the business will require
the business to make a capital investment of at least $1,000,000 in this State.
(g) Except as otherwise provided in NRS 361.0687 , if the business is a new
business in a county whose population is less than 100,000, in an area of a
county whose population is 100,000 or more that is located within the
geographic boundaries of an area that is designated as rural by the United
States Department of Agriculture and at least 20 miles outside of the
geographic boundaries of an area designated as urban by the United States
Department of Agriculture, or in a city whose population is less than 60,000,
the business meets at least one of the following requirements:
(1) The business will have 15 or more
full-time employees on the payroll of the business by the eighth calendar
quarter following the calendar quarter in which the abatement becomes effective
who will be employed at the location of the business in that county or city
until at least the date which is 5 years after the date on which the abatement
becomes effective.
(2) Establishing the business will require
the business to make a capital investment of at least $250,000 in this State.
(h) If the business is an existing business, the
business meets at least one of the following requirements:
(1) The business will increase the number
of employees on its payroll by 10 percent more than it employed in the
immediately preceding fiscal year or by six employees, whichever is greater.
(2) The business will expand by making a
capital investment in this State in an amount equal to at least 20 percent of
the value of the tangible property possessed by the business in the immediately
preceding fiscal year. The determination of the value of the tangible property
possessed by the business in the immediately preceding fiscal year must be made
by the:
(I) County assessor of the county in
which the business will expand, if the business is locally assessed; or
(II) Department, if the business is
centrally assessed.
(i) The applicant has provided in the application
an estimate of the total number of new employees which the business anticipates
hiring in this State by the eighth calendar quarter following the calendar quarter
in which the abatement becomes effective if the Office approves the
application.
(j) Except as otherwise provided in subsection 3,
if the business will have at least 50 full-time employees on the payroll of the
business by the eighth calendar quarter following the calendar quarter in which
the abatement becomes effective, the business, by the earlier of the eighth
calendar quarter following the calendar quarter in which the abatement becomes
effective or the date on which the business has at least 50 full-time employees
on the payroll of the business, has a policy for paid family and medical leave
and agrees that all employees who have been employed by the business for at
least 1 year will be eligible for at least 12 weeks of paid family and medical
leave at a rate of at least 55 percent of the regular wage of the employee. The
business will agree in writing that if the Office approves the application, the
business will not:
(1) Prohibit, interfere with or otherwise
discourage an employee from taking paid family and medical leave:
(I) For any reason authorized
pursuant to the Family and Medical Leave Act of 1993, 29 U.S.C. §§ 2601 et seq.
(II) To care for any adult child,
sibling or domestic partner of the employee.
(2) Discriminate, discipline or discharge
an employee for taking paid family and medical leave:
(I) For any reason authorized
pursuant to the Family and Medical Leave Act of 1993, 29 U.S.C. §§ 2601 et seq.
(II) To care for any adult child,
sibling or domestic partner of the employee.
(3) Prohibit, interfere with or otherwise
discourage an employee or other person from bringing a proceeding or testifying
in a proceeding against the business for a violation of the policy for paid
family and medical leave that is required pursuant to this paragraph.
3.  For purposes of paragraph (j) of
subsection 2, the Office of Economic Development shall determine that a
business meets the requirements of that paragraph if the business has a policy
for paid family and medical leave for employees on the payroll of the business
outside of this State that meets or exceeds the requirements for a policy for
paid family and medical leave pursuant to that paragraph and the business
agrees in writing that its employees on the payroll in this State are eligible
for paid family and medical leave under such policy.
4.  Notwithstanding the provisions of
subsection 2, the Office of Economic Development:
(a) Shall not consider an application for a
partial abatement pursuant to this section unless the Office has requested a
letter of acknowledgment of the request for the abatement from any affected
county, school district, city or town.
(b) Shall consider the level of health care
benefits provided by the business to its employees, the policy of paid family
and medical leave provided by the business to its employees, the projected
economic impact of the business and the projected tax revenue of the business
after deducting projected revenue from the abated taxes.
(c) May, if the Office determines that such
action is necessary:
(1) Approve an application for a partial abatement
pursuant to this section by a business that does not meet the requirements set
forth in paragraph (f), (g) or (h) of subsection 2;
(2) Make any of the requirements set forth
in paragraphs (d) to (h), inclusive, of subsection 2 more stringent; or
(3) Add additional requirements that a
business must meet to qualify for a partial abatement pursuant to this section.
5.  Notwithstanding any other provision of
law, the Office of Economic Development shall not approve an application for a
partial abatement pursuant to this section if:
(a) The applicant intends to locate or expand in
a county in which the rate of unemployment is 7 percent or more and the average
hourly wage that will be paid by the applicant to its new employees in this
State is less than 70 percent of the average statewide hourly wage, as
established by the Employment Security Division of the Department of
Employment, Training and Rehabilitation on July 1 of each fiscal year.
(b) The applicant intends to locate or expand in
a county in which the rate of unemployment is less than 7 percent and the
average hourly wage that will be paid by the applicant to its new employees in
this State is less than 85 percent of the average statewide hourly wage, as
established by the Employment Security Division of the Department of
Employment, Training and Rehabilitation on July 1 of each fiscal year.
(c) The applicant intends to locate in a county
but has already received a partial abatement pursuant to this section for
locating that business in that county.
(d) The applicant intends to expand in a county
but has already received a partial abatement pursuant to this section for
expanding that business in that county.
(e) The applicant has changed the name or
identity of the business to evade the provisions of paragraph (c) or (d).
6.  Notwithstanding any other provision of
law, if the Office of Economic Development approves an application for a
partial abatement pursuant to this section, in determining the types of taxes
imposed on a new or expanded business for which the partial abatement will be
approved and the amount of the partial abatement:
(a) If the new or expanded business is located in
a county in which the rate of unemployment is 7 percent or more and the average
hourly wage that will be paid by the business to its new employees in this
State is less than 85 percent of the average statewide hourly wage, as
established by the Employment Security Division of the Department of
Employment, Training and Rehabilitation on July 1 of each fiscal year, the
Office shall not:
(1) Approve an abatement of the taxes
imposed pursuant to chapter 361 of NRS which
exceeds 25 percent of the taxes on personal property payable by the business
each year.
(2) Approve an abatement of the taxes
imposed pursuant to chapter 363B of NRS
which exceeds 25 percent of the amount of tax otherwise due pursuant to NRS 363B.110 .
(b) If the new or expanded business is located in
a county in which the rate of unemployment is less than 7 percent and the
average hourly wage that will be paid by the business to its new employees in
this State is less than 100 percent of the average statewide hourly wage, as
established by the Employment Security Division of the Department of
Employment, Training and Rehabilitation on July 1 of each fiscal year, the
Office shall not:
(1) Approve an abatement of the taxes
imposed pursuant to chapter 361 of NRS which
exceeds 25 percent of the taxes on personal property payable by the business
each year.
(2) Approve an abatement of the taxes
imposed pursuant to chapter 363B of NRS
which exceeds 25 percent of the amount of tax otherwise due pursuant to NRS 363B.110 .
7.  If the Office of Economic Development
approves an application for a partial abatement pursuant to this section, the
Office shall immediately forward a certificate of eligibility for the abatement
to:
(a) The Department;
(b) The Nevada Tax Commission; and
(c) If the partial abatement is from the property
tax imposed pursuant to chapter 361 of NRS,
the county treasurer.
8.  An applicant for a partial abatement
pursuant to this section or an existing business whose partial abatement is in
effect shall, upon the request of the Executive Director of the Office of
Economic Development, furnish the Executive Director with copies of all records
necessary to verify that the applicant meets the requirements of subsection 2.
9.  If an applicant for a partial abatement
pursuant to this section fails to execute the agreement described in paragraph
(b) of subsection 2 within 1 year after the date on which the application was
received by the Office, the applicant shall not be approved for a partial
abatement pursuant to this section unless the applicant submits a new
application.
10.  If a business whose partial abatement
has been approved pursuant to this section and is in effect ceases:
(a) To meet the requirements set forth in subsection
2; or
(b) Operation before the time specified in the
agreement described in paragraph (b) of subsection 2,
Ê the business
shall repay to the Department or, if the partial abatement was from the
property tax imposed pursuant to chapter 361
of NRS, to the county treasurer, the amount of the partial abatement that was
allowed pursuant to this section before the failure of the business to comply
unless the Nevada Tax Commission determines that the business has substantially
complied with the requirements of this section. Except as otherwise provided in
NRS 360.232 and 360.320 , the business shall, in addition to
the amount of the partial abatement required to be paid pursuant to this
subsection, pay interest on the amount due at the rate most recently
established pursuant to NRS 99.040 for
each month, or portion thereof, from the last day of the month following the
period for which the payment would have been made had the partial abatement not
been approved until the date of payment of the tax.
11.  A county treasurer:
(a) Shall deposit any money that he or she
receives pursuant to subsection 10 in one or more of the funds established by a
local government of the county pursuant to NRS
354.6113 or 354.6115 ; and
(b) May use the money deposited pursuant to
paragraph (a) only for the purposes authorized by NRS 354.6113 and 354.6115 .
12.  The Office of Economic Development may
adopt such regulations as the Office of Economic Development determines to be
necessary to carry out the provisions of this section and NRS 360.755 .
13.  The Nevada Tax Commission:
(a) Shall adopt regulations regarding:
(1) The capital investment that a new
business must make to meet the requirement set forth in paragraph (f) or (g) of
subsection 2; and
(2) Any security that a business is
required to post to qualify for a partial abatement pursuant to this section.
(b) May adopt such other regulations as the
Nevada Tax Commission determines to be necessary to carry out the provisions of
this section and NRS 360.755 .
14.  An applicant for a partial abatement
pursuant to this section who is aggrieved by a final decision of the Office of
Economic Development may petition for judicial review in the manner provided in
chapter 233B of NRS.
15.  For the purposes of this section, an
employee is a “full-time employee” if he or she is in a permanent position of
employment and works an average of 30 hours per week during the applicable
period set forth in subsection 2.
(Added to NRS by 1999,
1740 ; A 1999,
3116 ; 2001,
1824 , 1980 ;
2003,
78 , 83 ,
2920 ;
2003,
20th Special Session, 161 , 164 ;
2005,
1510 ; 2007,
2860 , 2989 ;
2009,
2541 ; 2011,
3461 ; 2013,
574 , 2806 ;
2013,
27th Special Session, 7 , 10 ;
2015,
1063 ; 2017,
3777 ; 2019,
2236 , 2241 ;
2021,
2286 ; 2023,
35th Special Session, 44 , effective July 1, 2032)