2023 Nevada Revised Statutes › Chapter 360 - General Provisions › NRS 360.955 - Approval of application for certificate of eligibility for transferable tax credits; issuance of certificate; computation of amount of transferable tax credits which may be approved for qualified project. [Effective through June 30, 2036.]

1. If the Office of Economic Development approves an application for a certificate of eligibility for transferable tax credits submitted pursuant to paragraph (a) of subsection 1 of NRS 360.945, 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 lead participant in the qualified project;
(b) The Department; and
(c) The Nevada Gaming Control Board.
2. Within 14 business days after receipt of an audit provided by the lead participant in the qualified project pursuant to paragraph (l) of subsection 2 of NRS 360.945 and any other accountings or other information required by the Office, the Office shall determine whether to certify the audit and make a final determination of whether a certificate of transferable tax credits will be issued. If the Office certifies the audit and determines that all other requirements for the transferable tax credits have been met, the Office shall notify the lead participant in the qualified project that the transferable tax credits will be issued. Within 30 days after the receipt of the notice, the lead participant in the qualified project shall make an irrevocable declaration of the amount of transferable tax credits that will be applied to each fee or tax set forth in subparagraphs (1), (2) and (3) of paragraph (a) of subsection 1 of NRS 360.945, thereby accounting for all of the credits which will be issued. Upon receipt of the declaration, the Office shall issue to the lead participant a certificate of transferable tax credits in the amount approved by the Office for the fees or taxes included in the declaration. The lead participant shall notify the Department upon transferring any of the transferable tax credits. The Office shall notify the Department and the Nevada Gaming Control Board of all transferable tax credits issued, segregated by each fee or tax set forth in subparagraphs (1), (2) and (3) of paragraph (a) of subsection 1 of NRS 360.945. The Department shall notify the Office and the Nevada Gaming Control Board of the amount of any transferable tax credits transferred.
3. A qualified project may be approved for a certificate of eligibility for transferable tax credits:
(a) In the amount of $12,500 for each qualified employee, up to a maximum of 6,000 qualified employees.
(b) In an amount equal to 5 percent of the first $1 billion of new capital investment in this State made collectively by the participants in the qualified project.
(c) In an amount equal to 2.8 percent of the next $2.5 billion of new capital investment in this State made collectively by the participants in the qualified project.
4. For the purpose of computing the amount of transferable tax credits for which a qualified project is eligible pursuant to paragraph (a) of subsection 3:
(a) Each qualified employee must be:
(1) Employed by a participant at the site of the qualified project.
(2) Employed full-time and scheduled to work for an average minimum of 30 hours per week.
(3) Employed for at least the last 3 consecutive months of the fiscal year.
(4) Offered coverage under a plan of health insurance provided by his or her employer.
(b) The wages for federal income tax purposes reported or required to be reported on Form W-2 of the qualified employees of the qualified project must be paid at an average rate of $22 per hour.
(c) An employee engaged solely in the construction of the qualified project is deemed not to be a qualified employee.
(Added to NRS by 2014, 28th Special Session, 17)