Nev. Rev. Stat. § 360.895 — Duty of Office of Economic Development to prepare and submit certain reports; contents of reports. [Effective through June 30, 2032.]

NRS  360.895    Duty of Office of Economic Development to prepare and submit
certain reports; contents of reports. [Effective through June 30, 2032.]
1.  The Office of Economic Development
shall, on or before October 1 of each year, prepare and submit to the Governor
and to the Director of the Legislative Counsel Bureau for transmittal to the
Legislature an annual report which includes:
(a) For the immediately preceding fiscal year:
(1) The number of applications submitted
pursuant to NRS 360.889 ;
(2) The number of qualified projects for
which an application was approved;
(3) The amount of transferable tax credits
approved;
(4) The amount of transferable tax credits
used;
(5) The amount of transferable tax credits
transferred;
(6) The amount of transferable tax credits
taken against each allowable fee or tax, including the actual amount used and
outstanding, in total and for each qualified project;
(7) The number of partial abatements
approved;
(8) The dollar amount of the partial
abatements;
(9) The number of employees engaged in
construction of each qualified project who are residents of Nevada and the
number of employees employed by each participant in a qualified project who are
residents of Nevada;
(10) The number of qualified employees
employed by each participant in a qualified project and the total amount of
wages paid to those persons; and
(11) For each qualified project, an
assessment of whether the participants in the qualified project are making
satisfactory progress towards meeting the investment requirements necessary to
support the determination by the Office that the project is a qualified
project.
(b) For each partial abatement from taxation that
the Office approved during the fiscal years which are 3 fiscal years, 6 fiscal
years, 10 fiscal years and 15 fiscal years immediately preceding the submission
of the report:
(1) The dollar amount of the partial
abatement;
(2) The value of infrastructure included
as an incentive for the qualified project;
(3) The economic sector in which each
participant in the qualified project operates, the number of primary jobs
related to the qualified project, the average wage paid to employees employed
by the participants in the qualified project and the assessed values of
personal property and real property of the qualified project; and
(4) Any other information that the Office
determines to be useful.
2.  Except as otherwise provided in
subsection 4, in addition to the annual reports required to be prepared and
submitted pursuant to subsection 1, for the period beginning on December 19,
2015, and ending on June 30, 2020, the Office shall, not less frequently than
every calendar quarter, prepare and submit to the Governor and the Director of
the Legislative Counsel Bureau for transmittal to the Legislature a report which
includes, for the immediately preceding calendar quarter:
(a) The dollar amount of the partial abatements
approved for the lead participant in each qualified project;
(b) The number of employees engaged in
construction of each qualified project who are residents of Nevada and the
number of employees employed by each participant in each qualified project who
are residents of Nevada;
(c) The number of qualified employees employed by
each participant in each qualified project and the total amount of wages paid
to those persons;
(d) For each qualified project an assessment of
whether the participants in the qualified project are making satisfactory
progress towards meeting the investment requirements necessary to support the
determination by the Office that the project is a qualified project; and
(e) Any other information requested by the
Legislature.
3.  Except as otherwise provided in
subsection 4, in addition to the annual reports required to be prepared and
submitted pursuant to subsection 1, for the period beginning on July 1, 2020,
and ending on June 30, 2025, the Office shall, not less frequently than every 6
months, prepare and submit to the Governor and the Director of the Legislative
Counsel Bureau for transmittal to the Legislature a report which includes, for
the immediately preceding 6 months, the information required to be included in
a report prepared and submitted pursuant to subsection 2.
4.  The Office is not required to prepare
and submit the report required by subsection 2 or 3 if, within 75 days after
the end of the period covered by the report:
(a) The Office receives an audit of the
participants in the project for the period that would have been covered by the
report; and
(b) That audit contains the information required
to be included in the report pursuant to paragraphs (a) to (d), inclusive, of
subsection 2.
5.  In addition to the reports required to
be prepared and submitted pursuant to subsections 1 and 2, the Office shall,
upon request, make available to the Legislature any information concerning a
qualified project or any participant in a qualified project. The Office shall
make available any information requested pursuant to this subsection within the
period specified in the request.
6.  The Office shall provide to the Fiscal
Analysis Division of the Legislative Counsel Bureau a copy of any agreement
entered into by the Office and the lead participant not later than 30 days
after the agreement is executed.
7.  Notwithstanding the provisions of any
other specific statute, the information requested by the Legislature pursuant
to this section may include information considered confidential for other
purposes. If such confidential information is requested, the Office shall make
the information available to the Fiscal Analysis Division of the Legislative
Counsel Bureau for confidential examination.