Nev. Rev. Stat. § 363A.139 — Payroll tax: Credit for donation to scholarship organization made through Nevada Educational Choice Scholarship Program

NRS  363A.139    Payroll tax: Credit for donation to scholarship organization
made through Nevada Educational Choice Scholarship Program.
1.  Any taxpayer who is required to pay a
tax pursuant to NRS 363A.130 may
receive a credit against the tax otherwise due for any donation of money made
by the taxpayer to a scholarship organization in the manner provided by this
section.
2.  To receive the credit authorized by
subsection 1, a taxpayer who intends to make a donation of money to a
scholarship organization must, before making such a donation, notify the
scholarship organization of the taxpayer’s intent to make the donation and to
seek the credit authorized by subsection 1. A scholarship organization shall,
before accepting any such donation, apply to the Department of Taxation for
approval of the credit authorized by subsection 1 for the donation. The
Department of Taxation shall, within 20 days after receiving the application,
approve or deny the application and provide to the scholarship organization
notice of the decision and, if the application is approved, the amount of the
credit authorized. Upon receipt of notice that the application has been
approved, the scholarship organization shall provide notice of the approval to
the taxpayer who must, not later than 30 days after receiving the notice, make
the donation of money to the scholarship organization. If the taxpayer does not
make the donation of money to the scholarship organization within 30 days after
receiving the notice, the scholarship organization shall provide notice of the
failure to the Department of Taxation and the taxpayer forfeits any claim to
the credit authorized by subsection 1.
3.  The Department of Taxation shall
approve or deny applications for the credit authorized by subsection 1 in the
order in which the applications are received.
4.  Except as otherwise provided in
subsection 5, the Department of Taxation may, for each fiscal year, approve
applications for the credit authorized by subsection 1 until the total amount
of the credits authorized by subsection 1 and approved by the Department of
Taxation pursuant to this subsection and subsection 4 of NRS 363B.119 is $6,655,000. The amount of
any credit which is forfeited pursuant to subsection 2 must not be considered
in calculating the amount of credits authorized for any fiscal year.
5.  Except as otherwise provided in this
subsection, in addition to the amount of credits authorized by subsection 4 for
Fiscal Years 2019-2020, 2020-2021 and 2021-2022, the Department of Taxation may
approve applications for the credit authorized by subsection 1 for each of
those fiscal years until the total amount of the credits authorized by
subsection 1 and approved by the Department of Taxation pursuant to this
subsection and subsection 5 of NRS
363B.119 is $4,745,000. The provisions of subsection 4 do not apply to the
amount of credits authorized by this subsection and the amount of credits
authorized by this subsection must not be considered when determining the
amount of credits authorized for a fiscal year pursuant to subsection 4. If, in
Fiscal Year 2019-2020, 2020-2021 or 2021-2022, the amount of credits authorized
by subsection 1 and approved pursuant to this subsection and subsection 5 of NRS 363B.119 is less than $4,745,000, the
remaining amount of credits pursuant to this subsection and subsection 5 of NRS 363B.119 must be carried forward and
made available for approval during subsequent fiscal years until the total
amount of credits authorized by subsection 1 and approved pursuant to this
subsection and subsection 5 of NRS
363B.119 is equal to $14,235,000. The amount of any credit which is
forfeited pursuant to subsection 2 must not be considered in calculating the
amount of credits authorized pursuant to this subsection.
6.  If a taxpayer applies to and is
approved by the Department of Taxation for the credit authorized by subsection
1, the amount of the credit provided by this section is equal to the amount
approved by the Department of Taxation pursuant to subsection 2, which must not
exceed the amount of the donation made by the taxpayer to a scholarship
organization. The total amount of the credit applied against the taxes
described in subsection 1 and otherwise due from a taxpayer must not exceed the
amount of the donation.
7.  If the amount of the tax described in
subsection 1 and otherwise due from a taxpayer is less than the credit to which
the taxpayer is entitled pursuant to this section, the taxpayer may, after
applying the credit to the extent of the tax otherwise due, carry the balance
of the credit forward for not more than 5 years after the end of the calendar
year in which the donation is made or until the balance of the credit is
applied, whichever is earlier.
8.  As used in this section, “scholarship
organization” has the meaning ascribed to it in NRS 388D.260 .