Nevada § 231A.155 - Qualifications for impact qualified active low-income community business

§ 231A.155. Qualifications for impact qualified active low-income community business

1. For the purposes of NRS 231A.0753 , an impact qualified active low-income community business is limited to those businesses

which have their principal business operations in this State and: (a) Whose primary North American Industry Classification System classification is

within sector 31, 32 or 33 or sector 44 or 45; or (b) Are businesses that have 51 percent or more of its ownership interest held by

women, disabled veterans, persons who are lesbian, gay, bisexual or transgender or

members of a racial or ethnic minority group. 2. A business must be considered an impact qualified active low-income community business

for the duration of the impact qualified community development entity's investment

in, or loan to, the business if the entity reasonably expects, at the time it makes

the investment or loan, that the business will continue to satisfy the requirements

for being an impact qualified active low-income community business throughout the

entire period of the investment or loan. 3. Except as otherwise provided in this subsection, the businesses limited by this

section do not include any business that derives or projects to derive 15 percent

or more of its annual revenue from the rental or sale of real estate. This exclusion does not apply to a business that is controlled by, or under common

control with, another business if the second business: (a) Does not derive or project to derive 15 percent or more of its annual revenue

from the rental or sale of real estate; and (b) Is the primary tenant of the real estate leased from the first business. 4. Except as otherwise provided in subsection 5, the following businesses are not

impact qualified active low-income community businesses: (a) A business that has received an abatement from taxation pursuant to NRS 274.310 , 274.320 , 274.330 , 360.750 , 360.753 or 360.754 . (b) An entity that has liability for insurance premium tax on a premium tax report

filed pursuant to NRS 680B.030 . (c) A business engaged in banking or lending. (d) A massage parlor. (e) A bath house. (f) A tanning salon. (g) A country club. (h) A business operating under a nonrestricted license for gaming issued pursuant

to NRS 463.170 . (i) A liquor store. (j) A golf course. 5. A business that has received an abatement from taxation pursuant to NRS 274.310 , 274.320 , 274.330 , 360.750 , 360.753 or 360.754 is an impact qualified active low-income community business if the business elects

to waive the abatement and provides written notice of the waiver of the abatement

to the Office of Economic Development not later than the due date of the first payment

of any tax which would be abated if the abatement became effective. If the business provides the written notice to the Office of Economic Development: (a) Within the period required by this subsection: (1) Any agreement entered into by the business and the Office of Economic Development

pursuant to NRS 274.310 , 274.320 , 274.330 , 360.750 , 360.753 or 360.754 is void; and (2) The Office of Economic Development must forward a copy of the written notice to

the Department and each governmental entity or official to whom a copy of the certificate

of eligibility for the abatement was forwarded. (b) After the period required by this subsection has expired, the Office of Economic

Development must provide written notice to the Department and the business that the

abatement has not been waived and the business is not an impact qualified active low-income

community business.