1. For the purpose of NRS 231A.110, a qualified active low-income community business is limited to those businesses meeting the Small Business Administration size eligibility standards established in 13 C.F.R. §§ 121.101 to 201, inclusive, at the time the qualified low-income community investment is made. A business must be considered a qualified active low-income community business for the duration of the qualified community development entity’s investment in, or loan to, the business if the entity reasonably expects, at the time it makes the investment or loan, that the business will continue to satisfy the requirements for being a qualified active low-income community business, other than the Small Business Administration size standards, throughout the entire period of the investment or loan.
2. Except as otherwise provided in this subsection, the businesses limited by this section do not include any business that derives or projects to derive 15 percent or more of its annual revenue from the rental or sale of real estate. This exclusion does not apply to a business that is controlled by, or under common control with, another business if the second business:
(a) Does not derive or project to derive 15 percent or more of its annual revenue from the rental or sale of real estate; and
(b) Is the primary tenant of the real estate leased from the first business.
3. Except as otherwise provided in subsection 4, the following businesses are not qualified active low-income community businesses:
(a) A business that has received an abatement from taxation pursuant to NRS 274.310, 274.320, 274.330, 360.750, 360.753 or 360.754.
(b) An entity that has liability for insurance premium tax on a premium tax report filed pursuant to NRS 680B.030.
(c) A business engaged in banking or lending.
(d) A massage parlor.
(e) A bath house.
(f) A tanning salon.
(g) A country club.
(h) A business operating under a nonrestricted license for gaming issued pursuant to NRS 463.170.
(i) A liquor store.
(j) A golf course.
4. A business that has received an abatement from taxation pursuant to NRS 274.310, 274.320, 274.330, 360.750, 360.753 or 360.754 is a qualified active low-income community business if the business elects to waive the abatement and provides written notice of the waiver of the abatement to the Office of Economic Development not later than the due date of the first payment of any tax which would be abated if the abatement became effective. If the business provides the written notice to the Office of Economic Development:
(a) Within the period required by this subsection:
(1) Any agreement entered into by the business and the Office of Economic Development pursuant to NRS 274.310, 274.320, 274.330, 360.750, 360.753 or 360.754 is void; and
(2) The Office of Economic Development must forward a copy of the written notice to the Department and each governmental entity or official to whom a copy of the certificate of eligibility for the abatement was forwarded.
(b) After the period required by this subsection has expired, the Office of Economic Development must provide written notice to the Department and the business that the abatement has not been waived and the business is not a qualified active low-income community business.
(Added to NRS by 2013, 3454; A 2015, 2334, 3052; 2019, 3696)