Nevada § 231A.270 - Designation of investment or security as qualified equity investment or impact qualified equity investment by qualified community development entity or impact qualified community development entity: Fee

§ 231A.270. Designation of investment or security as qualified equity investment or impact qualified equity investment by qualified community development entity or impact qualified community development entity: Fee

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 pay a fee in the amount of 0.5 percent of

the amount of the equity investment or long-term debt security requested to be designated

as a qualified equity investment or impact qualified equity investment to the Department. The fee must be deposited in the New Markets Performance Guarantee Account, which

is hereby created in the State General Fund. The entity forfeits the fee in its entirety if: (a) The qualified community development entity or impact qualified community development

entity and its affiliates and partners which are also qualified community development

entities or impact qualified community development entities fail to issue the total

amount of qualified equity investments or impact qualified equity investments certified

by the Department and receive cash in the total amount certified pursuant to subsection

3 of NRS 231A.230 ; or (b) The qualified community development entity or impact qualified community development

entity or any affiliate or partner which is also a qualified community development

entity or impact qualified community development entity that issues a qualified equity

investment or impact qualified equity investment certified under this chapter fails

to meet the investment requirement specified in subsection 3 of NRS 231A.250 by the second credit allowance date of the qualified equity investment or impact

qualified equity investment. Forfeiture of the fee under this paragraph is subject to the 6-month cure period

established pursuant to NRS 231A.260 . 2. The fee required pursuant to subsection 1 must be paid to the Department and held

in the New Markets Performance Guarantee Account until such time as compliance with

the provisions of subsection 1 has been established. The qualified community development entity or impact qualified community development

entity may request a refund of the fee from the Department no sooner than 30 days

after having met all the requirements of subsection 1. The Department shall refund the fee within 30 days after such a request or being

given notice of noncompliance.