Nev. Rev. Stat. § 360.868 — Limitations on amounts of transferable tax credits which may be issued; expiration of transferable tax credits

NRS  360.868    Limitations on amounts of transferable tax credits which may be
issued; expiration of transferable tax credits.
1.  Except as otherwise provided in this
subsection, the Division shall not approve any application for transferable tax
credits submitted pursuant to NRS 360.867
if:
(a) Approval of the application would cause the
total amount of transferable tax credits approved pursuant to NRS 360.867 for each fiscal year to exceed
$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. If the Division determines that approval of an application that would
cause the total amount of transferable tax credits approved pursuant to NRS 360.867 in a fiscal year to exceed
$10,000,000 is necessary to ensure the maximum development of affordable
housing in this State through the approval of transferable tax credits pursuant
to NRS 360.867 , the Division may approve
the application unless the approval of the application would cause the total
amount of transferable tax credits approved pursuant to NRS 360.867 in the fiscal year to exceed
$13,000,000. If the Division approves an application for transferable tax
credits that causes the total amount of transferable tax credits approved
pursuant to NRS 360.867 in a fiscal year
to exceed $10,000,000, the Division must reduce the amount of transferable tax
credits which may be approved pursuant to NRS
360.867 in the next fiscal year by the amount of transferable tax credits
approved in excess of $10,000,000 in the previous fiscal year.
(b) Approval of the application would cause the
total amount of transferable tax credits approved for all fiscal years pursuant
to NRS 360.867 to exceed $40,000,000.
2.  The transferable tax credits issued to
a project sponsor pursuant to NRS 360.867
expire 4 years after the date on which the transferable tax credits are issued
to the project sponsor.