Nev. Rev. Stat. § 360.7594 — Limitation on amount of credits; expiration of credits; amount of compensation included as qualified direct production expenditure

NRS  360.7594    Limitation on amount of credits; expiration of credits; amount
of compensation included as qualified direct production expenditure.
1.  Except as otherwise provided in this
subsection, the Office of Economic Development shall not approve any
application for transferable tax credits submitted pursuant to NRS 360.759 if approval of the application
would cause the total amount of transferable tax credits approved pursuant to NRS 360.759 for each fiscal year to exceed
the sum of $10,000,000. Any portion of the $10,000,000 per fiscal year for
which transferable tax credits have not previously been approved may be carried
forward and made available for approval during the next or any future fiscal
year.
2.  The transferable tax credits issued to
any production company for any qualified production pursuant to NRS 360.759 :
(a) Must not exceed a total amount of $6,000,000;
and
(b) Expire 4 years after the date on which the
transferable tax credits are issued to the production company.
3.  For the purposes of calculating
qualified direct production expenditures:
(a) The compensation payable to all producers who
are Nevada residents must not exceed 10 percent of the portion of the total
budget of the qualified production that was expended in or attributable to any
expenses incurred in this State.
(b) The compensation payable to all producers who
are not Nevada residents must not exceed 5 percent of the portion of the total
budget of the qualified production that was expended in or attributable to any
expenses incurred in this State.
(c) The compensation payable to any employee,
independent contractor or any other person paid a wage or salary as
compensation for providing labor services on the production of the qualified
production must not exceed $750,000.