Nev. Rev. Stat. § 361.106 — Exemption of property of certain apprenticeship programs

1.  Except as otherwise provided in
subsection 2, the real and personal property of an apprenticeship program is
exempt from taxation if the property is:
(a) Held in a trust created pursuant to 29 U.S.C.
§ 186; or
(b) Owned by a local or state apprenticeship
committee and the apprenticeship program is:
(1) Operated by an organization which is
qualified pursuant to 26 U.S.C. § 501(c)(3) or (5); and
(2) Registered and approved by the State
Apprenticeship Council pursuant to chapter 610
of NRS.
2.  If any property exempt from taxation
pursuant to subsection 1 is used for a purpose other than that of the
apprenticeship program required in subsection 1, and a rent or other valuable
consideration is received for its use, the property must be taxed, unless the
rent or other valuable consideration is paid or given by an organization that
qualifies as a tax-exempt organization pursuant to 26 U.S.C. § 501(c)(3).