Nev. Rev. Stat. § 360.970 — Duty of lead participant to provide records to verify eligibility for transferable tax credits and abatements of taxes; repayment of tax credits to which lead participant is not entitled; repayment of amount of taxes abated if qualified project becomes ineligible or ceases operation. [Effective through June 30, 2036.]

NRS  360.970    Duty of lead participant to provide records to verify
eligibility for transferable tax credits and abatements of taxes; repayment of
tax credits to which lead participant is not entitled; repayment of amount of
taxes abated if qualified project becomes ineligible or ceases operation. [Effective
through June 30, 2036.]
1.  The lead participant in a qualified
project shall, upon the request of the Office of Economic Development, furnish
the Office with copies of all records necessary to verify that the qualified
project meets the eligibility requirements for any transferable tax credits
issued pursuant to NRS 360.955 and the
abatement of any taxes pursuant to NRS
360.965 .
2.  The lead participant shall repay to the
Department or the Nevada Gaming Control Board, as applicable, any portion of
the transferable tax credits to which the lead participant is not entitled if:
(a) The participants in the qualified project
collectively fail to make the investment in this State necessary to support the
determination by the Executive Director of the Office of Economic Development
that the project is a qualified project;
(b) The participants in the qualified project
collectively fail to employ the number of qualified employees identified in the
certificate of eligibility approved for the qualified project;
(c) The lead participant submits any false
statement, representation or certification in any document submitted for the
purpose of obtaining transferable tax credits; or
(d) The lead participant otherwise becomes
ineligible for transferable tax credits after receiving the transferable tax
credits pursuant to NRS 360.900 to 360.975 , inclusive.
3.  Transferable tax credits purchased in
good faith are not subject to forfeiture unless the transferee submitted
fraudulent information in connection with the purchase.
4.  Notwithstanding any provision of this
chapter or chapter 361 of NRS, if the lead
participant in a qualified project for which an abatement has been approved
pursuant to NRS 360.965 and is in
effect:
(a) Fails to meet the requirements for
eligibility pursuant to that section; or
(b) Ceases operation before the time specified in
the agreement described in paragraph (e) of subsection 3 of NRS 360.945 ,
Ê the lead
participant shall repay to the Department or, if the abatement is from the
property tax imposed by chapter 361 of NRS, to
the appropriate county treasurer, the amount of the abatement that was allowed
to the lead participant pursuant to NRS
360.965 before the failure of the lead participant to meet the requirements
for eligibility. Except as otherwise provided in NRS 360.232 and 360.320 , the lead participant shall, in
addition to the amount of the abatement required to be repaid by the lead
participant pursuant to this subsection, pay interest on the amount due from
the lead participant 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 abatement not been approved until the date
of payment of the tax.
5.  The Secretary of State may, upon
application by the Executive Director of the Office, revoke or suspend the
state business license of the lead participant in a qualified project which is
required to repay any portion of transferable tax credits pursuant to
subsection 2 or the amount of any abatement pursuant to subsection 4 and which
the Office determines is not in compliance with the provisions of this section
governing repayment. If the state business license of the lead participant in a
qualified project is suspended or revoked pursuant to this subsection, the
Secretary of State shall provide written notice of the action to the lead
participant. The Secretary of State shall not reinstate a state business
license suspended pursuant to this subsection or issue a new state business
license to the lead participant whose state business license has been revoked
pursuant to this subsection unless the Executive Director of the Office
provides proof satisfactory to the Secretary of State that the lead participant
is in compliance with the requirements of this section governing repayment.