1. Except as otherwise provided in this section, the Office of Economic Development shall not approve transferable tax credits:
(a) For Fiscal Year 2015-2016, 2016-2017, 2017-2018, 2018-2019, 2019-2020, 2020-2021 or 2021-2022, if approval of the transferable tax credits would cause the total amount of transferable tax credits issued pursuant to NRS 360.900 to 360.975, inclusive, in that Fiscal Year to exceed $45,000,000.
(b) For a fiscal year beginning on or after July 1, 2022.
2. The total amount of transferable tax credits issued pursuant to NRS 360.900 to 360.975, inclusive, to all qualified projects in this State must not exceed $195,000,000.
3. If in any fiscal year the Office does not approve an amount of transferable tax credits equal to the total amount authorized by paragraph (a) or (b) of subsection 1, the remaining amount of transferable tax credits must be carried forward and made available for approval during subsequent fiscal years ending on or before June 30, 2022.
4. Each transferable tax credit issued pursuant to NRS 360.900 to 360.975, inclusive, expires 4 years after the date on which the transferable tax credit is issued to the lead participant. A transferable tax credit issued pursuant to NRS 360.900 to 360.975, inclusive, may be transferred only once.
(Added to NRS by 2014, 28th Special Session, 18)