1. A person who intends to locate or expand a business in this State may apply to the Office for a certificate of eligibility for transferable tax credits which may be applied to:
(a) Any tax imposed by chapter 363A or 363B of NRS;
(b) The gaming license fee imposed by the provisions of NRS 463.370;
(c) Any tax imposed by chapter 680B of NRS; or
(d) Any combination of the fees and taxes described in paragraphs (a), (b) and (c).
2. After considering any advice and recommendations of the Board, the Executive Director shall establish:
(a) Procedures for applying to the Office for a certificate of eligibility for transferable tax credits which must:
(1) Include, without limitation, a requirement that the applicant set forth in the application:
(I) The proposed use of the transferable tax credits;
(II) The plans, projects and programs for which the transferable tax credits will be used;
(III) The expected benefits of the issuance of the transferable tax credits; and
(IV) A statement of the short-term and long-term impacts of the issuance of the transferable tax credits; and
(2) Allow the applicant to revise the application upon the recommendation of the Executive Director.
(b) The criteria which a person to whom a certificate of eligibility for transferable tax credits has been issued must satisfy to be issued a certificate of transferable tax credits.
3. After receipt of an application pursuant to this section, the Executive Director shall review and evaluate the application and determine whether the approval of the application would promote the economic development of this State and aid the implementation of the State Plan for Economic Development developed by the Executive Director pursuant to subsection 2 of NRS 231.053.
4. If the applicant is requesting transferable tax credits in an amount of $100,000 or less, the Executive Director may approve the application, subject to the provisions of subsection 6, if the Executive Director determines that approving the application will promote the economic development of this State and aid the implementation of the State Plan for Economic Development.
5. If the applicant is requesting transferable tax credits in an amount greater than $100,000, the Executive Director shall submit the application and the Executive Director’s review and evaluation of the application pursuant to subsection 3 to the Board, and the Board may approve the application, subject to the provisions of subsection 6, if the Board determines that approving the application will promote the economic development of this State and aid the implementation of the State Plan for Economic Development.
6. The Executive Director or the Board shall not approve any application for transferable tax credits for:
(a) A period of more than 5 fiscal years;
(b) Fiscal Year 2015-2016; or
(c) Any fiscal year if the approval of the application would cause the total amount of transferable tax credits issued pursuant to this section to exceed:
(1) For Fiscal Year 2016-2017, $1,000,000.
(2) For Fiscal Year 2017-2018, $2,000,000.
(3) For Fiscal Year 2018-2019, $2,000,000.
(4) For Fiscal Year 2019-2020, $3,000,000.
(5) For a fiscal year beginning on or after July 1, 2020, $5,000,000.
7. If the Executive Director or the Board approves an application and issues a certificate of eligibility for transferable tax credits, the Office shall immediately forward a copy of the certificate of eligibility which identifies the estimated amount of the tax credits available pursuant to this section to:
(a) The applicant;
(b) The Department of Taxation; and
(c) The Nevada Gaming Control Board.
8. Within 14 days after the Office determines that a person to whom a certificate of eligibility for transferable tax credits has been issued satisfies the criteria established by the Executive Director pursuant to subsection 2, the Office shall notify the person that transferable tax credits will be issued. Within 30 days after the receipt of the notice, the person shall make an irrevocable declaration of the amount of transferable tax credits that will be applied to each fee or tax set forth in paragraphs (a), (b) and (c) of subsection 1, thereby accounting for all of the credits which will be issued. Upon receipt of the declaration, the Office shall issue to the person a certificate of transferable tax credits in the amount approved by the Executive Director or the Board, as applicable, for the fees or taxes included in the declaration. The Office shall notify the Department of Taxation and the Nevada Gaming Control Board of all transferable tax credits issued, segregated by each fee or tax set forth in paragraphs (a), (b) and (c) of subsection 1, and the amount of any transferable tax credits transferred.
(Added to NRS by 2015, 2479; A 2015, 29th Special Session, 12)