Nevada Administrative Code › Chapter 231A - Nevada New Markets Jobs Act › Section 231A.110 - Recapture: Provisions of subsection 4 of NRS 231A.250 interpreted

Current through June 11, 2024
For the purposes of subsection 4 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 original amount of a 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. In accordance
			 with the requirements of subsection 4 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. Up to 25 percent of the original amount of
		  the qualified equity investment or impact qualified equity investment may be
		  invested in any one qualified active low-income community business or impact
		  qualified active low-income community business, as applicable, without regard
		  to whether the qualified community development entity or impact qualified
		  community development entity which applied for and received 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 the
		  qualified equity investment or impact qualified equity investment has
		  transferred to another qualified community development entity or impact
		  qualified community development entity any portion of the certified investment
		  authority regarding that qualified equity investment or impact qualified equity
		  investment; and
2. A qualified
		  community development entity or impact qualified community development entity
		  which, as referenced in subsection 1, receives a portion of the certified
		  investment authority regarding a qualified equity investment or impact
		  qualified equity investment may invest, as applicable, in any one qualified
		  active low-income community business or impact qualified active low-income
		  community business up to 100 percent of the amount of the qualified equity
		  investment or impact qualified equity investment over which the qualified
		  community development entity or impact qualified community development entity
		  received authority if the amount of the investment, when combined with all
		  other investments in the qualified active low-income community business or
		  impact qualified active low-income community business which are directly or
		  indirectly drawn from the original qualified equity investment or impact
		  qualified equity investment does not exceed 25 percent of the original amount
		  of the qualified equity investment or impact qualified equity investment as
		  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 was 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.
Added to NAC by Dep't of
			 Business & Industry by R103-13, eff. 6-23-2014; A by
			 R036-23A,
			 eff. 4/19/2024
NRS
				231A.150,
				231A.250, as amended by section
				19 of Senate Bill No. 240, chapter 517, Statutes of Nevada 2023, at page
				3363