Nevada Revised Statutes 361.0687 v2 – Partial abatement of taxes imposed on certain new or expanded businesses. [Effective July 1, 2032.]
1. A person who intends to locate or expand a business in this State may, pursuant to NRS 360.750, apply to the Office of Economic Development for a partial abatement from the taxes imposed by this chapter.
Terms Used In Nevada Revised Statutes 361.0687 v2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- county: includes Carson City. See Nevada Revised Statutes 0.033
- Executive Director: means the Executive Director of the Department of Taxation. See Nevada Revised Statutes 360.001
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Personal property: All property that is not real property.
- population: means the number of people in a specified area as determined by the last preceding national decennial census conducted by the Bureau of the Census of the United States Department of Commerce pursuant to Section 2 of Nevada Revised Statutes 0.050
2. For a business to qualify pursuant to NRS 360.750 for a partial abatement from the taxes imposed by this chapter, the Office of Economic Development must determine that, in addition to meeting the other requirements set forth in subsection 2 of that section:
(a) Except as otherwise provided in paragraph (b), if the business is a new business in a county whose population is 100,000 or more or a city whose population is 60,000 or more, the business will, not later than the date which is 2 years after the date on which the abatement becomes effective, make a capital investment in the county or city of:
(1) At least $5,000,000 if the business is an industrial or manufacturing business; or
(2) At least $1,000,000 if the business is not an industrial or manufacturing business, in capital assets that will be retained at the location of the business in that county or city until at least the date which is 5 years after the date on which the abatement becomes effective.
(b) If the business is a new business in a county whose population is less than 100,000, in an area of a county whose population is 100,000 or more that is located within the geographic boundaries of an area that is designated as rural by the United States Department of Agriculture and at least 20 miles outside of the geographic boundaries of an area designated as urban by the United States Department of Agriculture, or in a city whose population is less than 60,000, the business will, not later than the date which is 2 years after the date on which the abatement becomes effective, make a capital investment in the county or city of:
(1) At least $1,000,000 if the business is an industrial or manufacturing business; or
(2) At least $250,000 if the business is not an industrial or manufacturing business, in capital assets that will be retained at the location of the business in that county or city until at least the date which is 5 years after the date on which the abatement becomes effective.
3. Except as otherwise provided in NRS 701A.210, if a partial abatement from the taxes imposed by this chapter is approved by the Office of Economic Development pursuant to NRS 360.750:
(1) Be for a duration of at least 1 year but not more than 10 years;
(2) Subject to any limitation on the abatement set forth in NRS 360.750, not exceed 50 percent of the taxes on personal property payable by a business each year pursuant to this chapter; and
(3) Be administered and carried out in the manner set forth in NRS 360.750.
(b) The Executive Director of the Office of Economic Development shall notify the county assessor of the county in which the business is or will be located of the approval of the partial abatement, including, without limitation, the duration and percentage of the partial abatement that the Office granted. The Executive Director shall, on or before April 15 of each year, advise the county assessor of each county in which a business qualifies for a partial abatement during the current fiscal year as to whether the business is still eligible for the partial abatement in the next succeeding fiscal year.