Nevada § 218D.355 - Requirements for certain legislative measures authorizing or increasing tax abatements approved by Office of Economic Development

218D.355 effective July 1, 2035, through June 30, 2036, when it expires by limitation,

NRS 218D.355 effective July 1, 2036, through Dec. 31, 2056, when it expires by limitation,

and NRS 218D.355 effective Jan. 1, 2057.> 1. Except as otherwise provided in NRS 360.753 , 360.754 , 360.893 and 360.965 , any state legislation enacted on or after July 1, 2012, which authorizes or requires

the Office of Economic Development to approve any abatement of taxes or increases

the amount of any abatement of taxes which the Office is authorized or required to

approve: (a) Expires by limitation 10 years after the effective date of that legislation. (b) Does not apply to: (1) Any taxes imposed pursuant to NRS 374.110 and 374.111 or 374.190 and 374.191 ; or (2) Any entity that receives: (I) Any funding from a governmental entity, other than any private activity bonds

as defined in 26 U.S.C. § 141 ; or (II) Any real or personal property from a governmental entity at no cost or at a reduced

cost. (c) Requires each recipient of the abatement to submit to the Department of Taxation,

on or before the last day of each even-numbered year, a report on whether the recipient

is in compliance with the terms of the abatement. The Department of Taxation shall establish a form for the report and may adopt such

regulations as it determines to be appropriate to carry out this paragraph. The report must include, without limitation: (1) The date the recipient commenced operation in this State; (2) The number of employees actually employed by the recipient and the average hourly

wage of those employees; (3) An accounting of any fees paid by the recipient to the State and to local governmental

entities; (4) An accounting of the property taxes paid by the recipient and the amount of those

taxes that would have been due if not for the abatement; (5) An accounting of the sales and use taxes paid by the recipient and the amount

of those taxes that would have been due if not for the abatement; (6) An accounting of the total capital investment made in connection with the project

to which the abatement applies; and (7) An accounting of the total investment in personal property made in connection

with the project to which the abatement applies. 2. On or before January 15 of each odd-numbered year, the Department of Taxation shall: (a) Based upon the information submitted to the Department of Taxation pursuant to

paragraph (c) of subsection 1, prepare a written report of its findings regarding

whether the costs of the abatement exceed the benefits of the abatement; and (b) Submit the report to the Director for transmittal to the Legislature.