Nev. Rev. Stat. § 374.358 — Abatement for eligible machinery or equipment used by new or expanded businesses located in certain areas of economic development. [Effective through June 30, 2032.]

NRS  374.358    Abatement for eligible machinery or equipment used by new or
expanded businesses located in certain areas of economic development.
[Effective through June 30, 2032.]
1.  A person who maintains a business or
intends to locate a business in a historically underutilized business zone, as
defined in 15 U.S.C. § 632, redevelopment area created pursuant to NRS 279.382 to 279.687 , inclusive, area eligible for a
community development block grant pursuant to 24 C.F.R. Part 570 or enterprise
community established pursuant to 24 C.F.R. Part 597 in this State may,
pursuant to the applicable provisions of NRS
274.310 , 274.320 or 274.330 , apply to the Office of Economic
Development for an abatement from the taxes imposed by this chapter on the
gross receipts from the sale, and the storage, use or other consumption, of
eligible machinery or equipment for use by a business which has been approved
for an abatement pursuant to NRS 274.310 ,
274.320 or 274.330 .
2.  If an application for an abatement is
approved pursuant to NRS 274.310 , 274.320 or 274.330 :
(a) The taxpayer is eligible for an abatement
from the tax imposed by this chapter for a duration of not less than 1 year but
not more than 5 years.
(b) The abatement must be administered and
carried out in the manner set forth in the applicable provisions of NRS 274.310 , 274.320 or 274.330 .
3.  As used in this section, unless the
context otherwise requires, “eligible machinery or equipment” means machinery
or equipment for which a deduction is authorized pursuant to 26 U.S.C. § 179.
The term does not include:
(a) Buildings or the structural components of
buildings;
(b) Equipment used by a public utility;
(c) Equipment used for medical treatment;
(d) Machinery or equipment used in mining; or
(e) Machinery or equipment used in gaming.

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