Nev. Rev. Stat. § 361.687 — Partial abatement of taxes imposed on certain new or expanded businesses. [Effective through June 30, 2032.]

NRS  361.0687    Partial abatement of taxes imposed on certain new or expanded
businesses. [Effective through June 30, 2032.]
1.  A person who intends to locate or
expand a business in this State may, pursuant to NRS 360.750 , apply to the Office of
Economic Development for a partial abatement from the taxes imposed by this
chapter.
2.  For a business to qualify pursuant to NRS 360.750 for a partial abatement from
the taxes imposed by this chapter, the Office of Economic Development must
determine that, in addition to meeting the other requirements set forth in
subsection 2 of that section:
(a) Except as otherwise provided in paragraph
(b), if the business is a new business in a county whose population is 100,000
or more or a city whose population is 60,000 or more, the business will, not
later than the date which is 2 years after the date on which the abatement
becomes effective, make a capital investment in the county or city of:
(1) At least $5,000,000 if the business is
an industrial or manufacturing business; or
(2) At least $1,000,000 if the business is
not an industrial or manufacturing business,
Ê in capital
assets that will be retained at the location of the business in that county or
city until at least the date which is 5 years after the date on which the
abatement becomes effective.
(b) If the business is a new business in a county
whose population is less than 100,000, in an area of a county whose population
is 100,000 or more that is located within the geographic boundaries of an area
that is designated as rural by the United States Department of Agriculture and
at least 20 miles outside of the geographic boundaries of an area designated as
urban by the United States Department of Agriculture, or in a city whose
population is less than 60,000, the business will, not later than the date
which is 2 years after the date on which the abatement becomes effective, make
a capital investment in the county or city of:
(1) At least $1,000,000 if the business is
an industrial or manufacturing business; or
(2) At least $250,000 if the business is
not an industrial or manufacturing business,
Ê in capital
assets that will be retained at the location of the business in that county or
city until at least the date which is 5 years after the date on which the
abatement becomes effective.
3.  Except as otherwise provided in NRS 701A.210 , if a partial abatement from
the taxes imposed by this chapter is approved by the Office of Economic
Development pursuant to NRS 360.750 :
(a) The partial
abatement must:
(1) Be for a duration of at least 1 year
but not more than 10 years;
(2) Subject to any limitation on the
abatement set forth in NRS 360.750 , not
exceed 50 percent of the taxes on personal property payable by a business each
year pursuant to this chapter; and
(3) Be administered and carried out in the
manner set forth in NRS 360.750 .
(b) The Executive Director of the Office of
Economic Development shall notify the county assessor of the county in which
the business is or will be located of the approval of the partial abatement,
including, without limitation, the duration and percentage of the partial
abatement that the Office granted. The Executive Director shall, on or before
April 15 of each year, advise the county assessor of each county in which a
business qualifies for a partial abatement during the current fiscal year as to
whether the business is still eligible for the partial abatement in the next
succeeding fiscal year.

NRS  361.0687    Partial abatement of
taxes imposed on certain new or expanded businesses. [Effective July 1, 2032.]
1.  A person who intends to locate or
expand a business in this State may, pursuant to NRS 360.750 , apply to the Office of
Economic Development for a partial abatement from the taxes imposed by this
chapter.
2.  For a business to qualify pursuant to NRS 360.750 for a partial abatement from
the taxes imposed by this chapter, the Office of Economic Development must
determine that, in addition to meeting the other requirements set forth in
subsection 2 of that section:
(a) Except as otherwise provided in paragraph
(b), if the business is a new business in a county whose population is 100,000
or more or a city whose population is 60,000 or more, the business will make a
capital investment in the county of at least $5,000,000 if the business is an
industrial or manufacturing business or at least $1,000,000 if the business is
not an industrial or manufacturing business.
(b) If the business is a new business in a county
whose population is less than 100,000, in an area of a county whose population
is 100,000 or more that is located within the geographic boundaries of an area
that is designated as rural by the United States Department of Agriculture and
at least 20 miles outside of the geographic boundaries of an area designated as
urban by the United States Department of Agriculture, or in a city whose
population is less than 60,000, the business will make a capital investment in
the county of at least $1,000,000 if the business is an industrial or
manufacturing business or at least $250,000 if the business is not an
industrial or manufacturing business.
3.  Except as otherwise provided in NRS 701A.210 , if a partial abatement from
the taxes imposed by this chapter is approved by the Office of Economic
Development pursuant to NRS 360.750 :
(a) The partial abatement must:
(1) Be for a duration of at least 1 year
but not more than 10 years;
(2) Subject to any limitation on the
abatement set forth in NRS 360.750 , not
exceed 50 percent of the taxes on personal property payable by a business each
year pursuant to this chapter; and
(3) Be administered and carried out in the
manner set forth in NRS 360.750 .
(b) The Executive Director of the Office of
Economic Development shall notify the county assessor of the county in which
the business is located of the approval of the partial abatement, including,
without limitation, the duration and percentage of the partial abatement that
the Office granted. The Executive Director shall, on or before April 15 of each
year, advise the county assessor of each county in which a business qualifies
for a partial abatement during the current fiscal year as to whether the
business is still eligible for the partial abatement in the next succeeding
fiscal year.
(Added to NRS by 1997,
3310 ; A 1999,
1743 ; 2001,
1580 , 1581 ,
1983 ;
2003,
56 , 2923 ,
2927 ;
2005,
1513 , 1515 ;
2007,
3381 , 3383 ;
2011,
3466 ; 2013,
27th Special Session, 15 , 16 ;
2015,
1072 ; 2017,
3806 , effective July 1, 2032)