Nevada Administrative Code › Chapter 231A - Nevada New Markets Jobs Act › Section 231A.100 - Recapture: Provisions of subsection 3 of NRS 231A.250 interpreted

Current through June 11, 2024
For the purposes of subsection 3 of
			 NRS
			 231A.250, as amended by section 19 of Senate
			 Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3363, the
			 Department will interpret the requirements of that subsection to apply only to
			 the amount of the qualified equity investment or impact qualified equity
			 investment regarding which a qualified community development entity or impact
			 qualified community development entity has certified investment authority. In
			 accordance with the requirements of subsection 3 of
			 NRS
			 231A.250, as amended by section 19 of Senate
			 Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3363, and as
			 interpreted by the Department pursuant to this section:
1. If a qualified community development
		  entity or impact qualified community development entity applies for and
		  receives certification pursuant to
		  NRS
		  231A.230, as amended by section 16 of Senate
		  Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3360, for a
		  qualified equity investment or impact qualified equity investment and the
		  entity does not transfer, pursuant to subsection 7 of
		  NRS
		  231A.230, as amended by section 16 of Senate
		  Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3360, any portion
		  of its certified investment authority regarding the qualified equity investment
		  or impact qualified equity investment, the entity must invest and maintain
		  invested as required by subsection 3 of
		  NRS
		  231A.250, as amended by section 19 of Senate
		  Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3363, an amount
		  equal to 85 percent or more of the original amount of the qualified equity
		  investment or impact qualified equity investment which is certified by the
		  Department pursuant to subsection 3 of
		  NRS
		  231A.230, as amended by section 16 of Senate
		  Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3360, and for which
		  cash is received in accordance with subsection 8 of
		  NRS
		  231A.230, as amended by section 16 of Senate
		  Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3360.
2. If a qualified community development
		  entity or impact qualified community development entity transfers, pursuant to
		  subsection 7 of NRS
		  231A.230, as amended by section 16 of Senate
		  Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3360, all or a
		  portion of its certified investment authority regarding a qualified equity
		  investment or impact qualified equity investment to another qualified community
		  development entity or impact qualified community development entity:
(a) The transferee must invest and maintain
		  invested as required by subsection 3 of
		  NRS
		  231A.250, as amended by section 19 of Senate
		  Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3363, an amount
		  equal to 85 percent or more of the portion of the qualified equity investment
		  or impact qualified equity investment regarding which the transferee received
		  certified investment authority and for which cash is received in accordance
		  with subsection 8 of NRS 231A.230, as amended by
		  section 16 of Senate Bill No. 240, chapter 517, Statutes of Nevada 2023, at
		  page 3360.
(b) The transferor must
		  invest and maintain invested as required by subsection 3 of
		  NRS
		  231A.250, as amended by section 19 of Senate
		  Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3363, an amount
		  equal to 85 percent or more of the portion of the qualified equity investment
		  or impact qualified equity investment regarding which the transferor retained
		  certified investment authority and for which cash is received in accordance
		  with subsection 8 of NRS 231A.230, as amended by
		  section 16 of Senate Bill No. 240, chapter 517, Statutes of Nevada 2023, at
		  page 3360.