1.  A qualified community development entity or impact qualified community development entity that seeks to have an equity investment or long-term debt security designated as a qualified equity investment or impact qualified equity investment and eligible for tax credits under this chapter must apply to the Department for that designation. An application submitted by a qualified community development entity or impact qualified community development entity must include the following:

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(a) If the application is for the designation of an equity investment or long-term debt security as a qualified equity investment:

(1) Evidence of the applicant’s certification as a qualified community development entity.

(2) A copy of an allocation agreement executed by the applicant, or its controlling entity, and the Community Development Financial Institutions Fund of the United States Department of the Treasury which includes the State of Nevada in the service area set forth in the allocation agreement.

(3) A certificate executed by an executive officer of the applicant:

(I) Attesting that the allocation agreement remains in effect and has not been revoked or cancelled by the Community Development Financial Institutions Fund; and

(II) Setting forth the cumulative amount of allocations awarded to the applicant by the Community Development Financial Institutions Fund.

(b) If the application is for the designation of an equity investment or long-term debt security as an impact qualified equity investment:

(1) Proof that the applicant is an impact qualified community development entity; and

(2) The documentation required pursuant to subparagraphs (1), (2) and (3) of paragraph (a) if the impact qualified community development entity has been certified as a qualified community development entity.

(c) A description of the proposed amount, structure and purchaser of the qualified equity investment or impact qualified equity investment.

(d) If known at the time of application, identifying information for any entity that will use the tax credits earned as a result of the issuance of the qualified equity investment.

(e) Examples of the types of qualified active low-income businesses or impact qualified active low-income community businesses in which the applicant, its controlling entity or the affiliates of its controlling entity have invested under the federal New Markets Tax Credit Program. An applicant is not required to identify the qualified active low-income community businesses or impact qualified active low-income community businesses in which it will invest when submitting an application.

(f) A nonrefundable application fee of $5,000. This fee must be paid to the Department and is required for each application submitted.

(g) The refundable performance fee required by subsection 1 of NRS 231A.270.

2.  Within 30 days after receipt of a completed application containing the information set forth in subsection 1, including the payment of the application fee and the refundable performance fee, the Department shall grant or deny the application in full or in part. If the Department denies any part of the application, it shall inform the qualified community development entity or impact qualified community development entity of the grounds for the denial. If the qualified community development entity or impact qualified community development entity provides any additional information required by the Department or otherwise completes its application within 15 days after the date of the notice of denial, the application must be considered complete as of the original date of submission. If the qualified community development entity or impact qualified community development entity fails to provide the information or complete its application within the 15-day period, the application remains denied and must be resubmitted in full with a new date of submission.

3.  If the application is complete, the Department shall certify the proposed equity investment or long-term debt security as a qualified equity investment or impact qualified equity investment that is eligible for tax credits under this chapter, subject to the limitations contained in subsection 5 or 6. The Department shall provide written notice of the certification to the qualified community development entity or impact qualified community development entity. The notice must include the names of those entities who will earn the credits and their respective credit amounts. If the names of the entities that are eligible to use the credits change as the result of a transfer of a qualified equity investment or impact qualified equity investment or an allocation pursuant to NRS 231A.210, the qualified community development entity or impact qualified community development entity shall notify the Department of the change.

4.  The Department shall certify qualified equity investments and impact qualified equity investments in the order applications are received by the Department. Applications received on the same day shall be deemed to have been received simultaneously. For applications that are complete and received on the same day, the Department shall certify, consistent with remaining qualified equity investment or impact qualified equity investment capacity, the qualified equity investments or impact qualified equity investments in proportionate percentages based upon the ratio that the amount of qualified equity investment or impact qualified equity investment requested in an application bears to the total amount of qualified equity investments or impact quality equity investments requested in all applications received on the same day.

5.  The Department:

(a) Shall certify $200,000,000 in qualified equity investments before July 1, 2019, $200,000,000 in qualified equity investments on or after July 1, 2019, and $170,000,000 in qualified equity investments on or after July 1, 2024;

(b) Shall not certify any single qualified equity investment of less than $8,000,000, except as provided in paragraph (d);

(c) Shall not certify more than a total of $50,000,000 in qualified equity investments to any single applicant, including all affiliates and partners of the applicant which are qualified community development entities; and

(d) If a pending request cannot be fully certified because of the limits set forth in this subsection, shall certify the portion that may be certified unless the qualified community development entity elects to withdraw its request rather than receive partial certification.

6.  The Department:

(a) Shall certify $30,000,000 in impact qualified equity investments on or after July 1, 2024;

(b) Shall not certify any single impact qualified equity investment of less than $8,000,000, except as provided in paragraph (c); and

(c) If a pending request cannot be fully certified because of the limits set forth in this subsection, shall certify the portion that may be certified unless the impact qualified community development entity elects to withdraw its request rather than receive partial certification.

7.  An approved applicant may transfer all or a portion of its certified qualified equity investment or impact qualified equity investment authority to its controlling entity or any affiliate or partner of the controlling entity which is also a qualified community development entity or impact qualified community development entity, as applicable, if the applicant provided the information required in the application with respect to the transferee and the applicant notifies the Department of the transfer within 30 days after the transfer.

8.  Within 30 days after the applicant receives notice of certification, the qualified community development entity, impact qualified community development entity or any transferee pursuant to subsection 7 shall issue the qualified equity investment or impact qualified equity investment and receive cash in the amount certified by the Department. The qualified community development entity, impact qualified community development entity or transferee under subsection 7 must provide the Department with evidence of the receipt of the cash investment within 10 business days after receipt. If the qualified community development entity, impact qualified community development entity or any transferee under subsection 7 does not receive the cash investment and issue the qualified equity investment or impact qualified equity investment within 30 days after receipt of the notice of certification, the certification lapses and the entity may not issue the qualified equity investment or impact qualified equity investment without reapplying to the Department for certification. Lapsed certifications revert back to the Department and must be reissued, first, pro rata to other applicants whose qualified equity investment or impact qualified equity investment allocations were reduced pursuant to subsection 4 and, thereafter, in accordance with requirements for submitting the application.