2023 Nevada Revised Statutes › Chapter 271B - Economic Diversification › NRS 271B.080 - Agreement with Department of Taxation regarding distribution of pledged amounts. [Effective through June 30, 2032.] Agreement with Department of Taxation regarding distribution of pledged amounts. [Effective July 1, 2032, through June 30, 2036.]

1. After the adoption of an ordinance pursuant to NRS 271B.070:
(a) The governing body of the municipality and the Department of Taxation shall enter into an agreement specifying the dates and procedure for distribution to the municipality of any money pledged pursuant to NRS 271B.070.
(b) If the qualified project is a qualified project described in NRS 360.888 and the Executive Director of the Office of Economic Development has required the lead participant to make payments to a trust fund in the State Treasury pursuant to subsection 4 of NRS 360.893, the Department of Taxation shall deposit in that trust fund the proceeds of any taxes conditionally pledged pursuant to subsection 3 of NRS 271B.070 until:
(1) The lead participant qualifies for a return of the money paid into the trust fund pursuant to subsection 6 of NRS 360.893, in which case the taxes conditionally pledged, including any interest and income earned on those taxes, must be distributed pursuant to the agreement described in paragraph (a); or
(2) The Executive Director determines that the requirements for the partial abatement set forth in NRS 360.893 have not been met, in which case any taxes conditionally pledged and deposited in the trust fund must be transferred to the entity that would have received those taxes if the taxes had not been conditionally pledged, as determined by the Department of Taxation. The interest and income earned on those taxes during the time the taxes were in the trust fund must be distributed to an entity receiving a distribution pursuant to this subparagraph in the proportion that the taxes distributed to the entity pursuant to this subparagraph bears to the total taxes distributed pursuant to this subparagraph.
2. If the qualified project is a qualified project described in NRS 360.940, the distributions pursuant to the agreement described in paragraph (a) of subsection 1 must:
(a) Be made not less frequently than monthly; and
(b) Cease at the end of the fiscal year in which the 20th anniversary of the adoption of the ordinance creating the district occurs.
3. If the qualified project is a qualified project described in NRS 360.888, the distributions pursuant to the agreement described in paragraph (a) of subsection 1 must:
(a) Be made not less frequently than monthly;
(b) Cease at the end of the fiscal year in which the 15th anniversary of the adoption of the ordinance creating the district occurs; and
(c) If the Executive Director of the Office of Economic Development has required the lead participant to make payments to a trust fund in the State Treasury pursuant to subsection 4 of NRS 360.893, not commence until the lead participant qualifies for a return of the money paid into the trust fund pursuant to subsection 6 of NRS 360.893.
(Added to NRS by 2014, 28th Special Session, 26; A 2015, 29th Special Session, 40; 2017, 3811)
After the adoption of an ordinance pursuant to NRS 271B.070, the governing body of the municipality and the Department of Taxation shall enter into an agreement specifying the dates and procedure for distribution to the municipality of any money pledged pursuant to NRS 271B.070. The distributions must:
1. Be made not less frequently than monthly; and
2. Cease at the end of the fiscal year in which the 20th anniversary of the adoption of the ordinance creating the district occurs.
(Added to NRS by 2014, 28th Special Session, 26; A 2015, 29th Special Session, 40, effective July 1, 2032)