Nevada Revised Statutes 371.1035 – Waiver of veteran’s exemption; designation of any amount of exemption for credit to Gift Account for the Veterans Home in Southern Nevada or Gift Account for the Veterans Home in Northern Nevada
1. Any person who qualifies for an exemption pursuant to NRS 371.103 or 371.104 may, in lieu of claiming the exemption:
Terms Used In Nevada Revised Statutes 371.1035
- Department: means the Department of Motor Vehicles. See Nevada Revised Statutes 371.020
- 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.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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
(a) Pay to the Department all or any portion of the amount by which the tax would be reduced if the person claimed the exemption; and
(b) Direct the Department to deposit that amount for credit to the Gift Account for the Veterans Home in Southern Nevada or the Gift Account for the Veterans Home in Northern Nevada established pursuant to NRS 417.145.
2. Any person who wishes to waive his or her exemption pursuant to this section shall designate the amount to be credited to a Gift Account on a form provided by the Department.
3. The Department shall deposit any money received pursuant to this section with the State Treasurer for credit to the Gift Account for the Veterans Home in Southern Nevada or the Gift Account for the Veterans Home in Northern Nevada established pursuant to NRS 417.145. The State Treasurer shall not accept more than a total of $2,000,000 for credit to a Gift Account pursuant to this section and NRS 361.0905 during any fiscal year.