Nev. Rev. Stat. § 360.955 — Approval of application for certificate of eligibility for transferable tax credits; issuance of certificate; computation of amount of transferable tax credits which may be approved for qualified project. [Effective through June 30, 2036.]

NRS  360.955    Approval of application for certificate of eligibility for
transferable tax credits; issuance of certificate; computation of amount of
transferable tax credits which may be approved for qualified project.
[Effective through June 30, 2036.]
1.  If the Office of Economic Development
approves an application for a certificate of eligibility for transferable tax
credits submitted pursuant to paragraph (a) of subsection 1 of NRS 360.945 , the Office shall immediately
forward a copy of the certificate of eligibility which identifies the estimated
amount of the tax credits available pursuant to this section to:
(a) The lead participant in the qualified
project;
(b) The Department; and
(c) The Nevada Gaming Control Board.
2.  Within 14 business days after receipt of
an audit provided by the lead participant in the qualified project pursuant to
paragraph (l) of subsection 2 of NRS 360.945
and any other accountings or other information required by the Office, the
Office shall determine whether to certify the audit and make a final
determination of whether a certificate of transferable tax credits will be
issued. If the Office certifies the audit and determines that all other
requirements for the transferable tax credits have been met, the Office shall
notify the lead participant in the qualified project that the transferable tax
credits will be issued. Within 30 days after the receipt of the notice, the
lead participant in the qualified project shall make an irrevocable declaration
of the amount of transferable tax credits that will be applied to each fee or
tax set forth in subparagraphs (1), (2) and (3) of paragraph (a) of subsection
1 of NRS 360.945 , thereby accounting for
all of the credits which will be issued. Upon receipt of the declaration, the
Office shall issue to the lead participant a certificate of transferable tax
credits in the amount approved by the Office for the fees or taxes included in
the declaration. The lead participant shall notify the Department upon
transferring any of the transferable tax credits. The Office shall notify the
Department and the Nevada Gaming Control Board of all transferable tax credits
issued, segregated by each fee or tax set forth in subparagraphs (1), (2) and
(3) of paragraph (a) of subsection 1 of NRS
360.945 . The Department shall notify the Office and the Nevada Gaming
Control Board of the amount of any transferable tax credits transferred.
3.  A qualified project may be approved for
a certificate of eligibility for transferable tax credits:
(a) In the amount of $12,500 for each qualified
employee, up to a maximum of 6,000 qualified employees.
(b) In an amount equal to 5 percent of the first
$1 billion of new capital investment in this State made collectively by the
participants in the qualified project.
(c) In an amount equal to 2.8 percent of the next
$2.5 billion of new capital investment in this State made collectively by the
participants in the qualified project.
4.  For the purpose of computing the amount
of transferable tax credits for which a qualified project is eligible pursuant
to paragraph (a) of subsection 3:
(a) Each qualified employee must be:
(1) Employed by a participant at the site
of the qualified project.
(2) Employed full-time and scheduled to
work for an average minimum of 30 hours per week.
(3) Employed for at least the last 3
consecutive months of the fiscal year.
(4) Offered coverage under a plan of
health insurance provided by his or her employer.
(b) The wages for federal income tax purposes
reported or required to be reported on Form W-2 of the qualified employees of
the qualified project must be paid at an average rate of $22 per hour.
(c) An employee engaged solely in the
construction of the qualified project is deemed not to be a qualified employee.