Nevada § 274.310 - Abatement for locating business in certain areas of economic development: Endorsement required; application; requirements for approval; certificate of eligibility; duration and amount of abatement; repayment required under certain circumstances; regulations; judicial review

business would operate for an endorsement of an application by the person to the Office

of Economic Development for a partial abatement of one or more of the taxes imposed

pursuant to chapter 361 of NRS or the local sales and use taxes. The governing body of the county, city or town shall provide notice of the request

to the board of trustees of the school district in which the business would operate. The notice must set forth the date, time and location of the hearing at which the

governing body will consider whether to endorse the application. As used in this subsection, “ local sales and use taxes ” means the taxes imposed on the gross receipts of any retailer from the sale of tangible

personal property sold at retail, or stored, used or otherwise consumed, in the political

subdivision in which the business is located, except the taxes imposed by the Sales

and Use Tax Act and the Local School Support Tax Law. 2. The governing body of a county, city or town shall develop procedures for: (a) Evaluating whether such an abatement would be beneficial for the economic development

of the county, city or town. (b) Issuing a certificate of endorsement for an application for such an abatement

that is found to be beneficial for the economic development of the county, city or

town. 3. A person whose application has been endorsed by the governing body of the county,

city or town, as applicable, pursuant to this section may submit the application to

the Office of Economic Development. The Office shall approve the application if the Office makes the following determinations: (a) The business is consistent with: (1) The State Plan for Economic Development developed by the Administrator pursuant

to subsection 2 of NRS 231.053 ; and (2) Any guidelines adopted by the Administrator to implement the State Plan for Economic

Development. (b) Not later than 1 year after the date on which the application was received by

the Office, the applicant has executed an agreement with the Office which states: (1) The date on which the abatement becomes effective, as agreed to by the applicant

and the Office, which must not be earlier than the date on which the Office received

the application and not later than 1 year after the date on which the Office approves

the application; and (2) That the business will, after the date on which the abatement becomes effective: (I) Commence operation and continue in operation in the historically underutilized

business zone, as defined in 15 U.S.C. § 632 , redevelopment area created pursuant to chapter 279 of NRS , area eligible for a community development block grant pursuant to 24 C.F.R. Part 570 or enterprise community established pursuant to 24 C.F.R. Part 597 for a period specified by the Office, which must be at least 5 years; and (II) Continue to meet the eligibility requirements set forth in this subsection. The agreement must bind successors in interest of the business for the specified period. (c) The business is registered pursuant to the laws of this State or the applicant

commits to obtain a valid business license and all other permits required by the county,

city or town in which the business will operate. (d) The applicant invested or commits to invest a minimum of $500,000 in capital assets

that will be retained at the location of the business in the historically underutilized

business zone, as defined in 15 U.S.C. § 632 , redevelopment area created pursuant to chapter 279 of NRS , area eligible for a community development block grant pursuant to 24 C.F.R. Part 570 or enterprise community established pursuant to 24 C.F.R. Part 597 until at least the date which is 5 years after the date on which the abatement becomes

effective. 4. If the Office of Economic Development approves an application for a partial abatement,

the Office shall immediately forward a certificate of eligibility for the abatement

to: (a) The Department of Taxation; (b) The Nevada Tax Commission; and (c) If the partial abatement is from the property tax imposed pursuant to chapter 361 of NRS , the county treasurer of the county in which the business will be located. 5. If the Office of Economic Development approves an application for a partial abatement

pursuant to this section: (a) The partial abatement must be for a duration of not less than 1 year but not more

than 5 years. (b) If the abatement is from the property tax imposed pursuant to chapter 361 of NRS , the partial abatement must not exceed 75 percent of the taxes on personal property

payable by a business each year pursuant to that chapter. 6. If an applicant for a partial abatement pursuant to this section fails to execute

the agreement described in paragraph (b) of subsection 3 within 1 year after the date

on which the application was received by the Office, the applicant shall not be approved

for a partial abatement pursuant to this section unless the applicant submits a new

request pursuant to subsection 1. 7. If a business whose partial abatement has been approved pursuant to this section

and is in effect ceases: (a) To meet the eligibility requirements for the partial abatement; or (b) Operation before the time specified in the agreement described in paragraph (b)

of subsection 3, the business shall repay to the Department of Taxation or, if the partial abatement

was from the property tax imposed pursuant to chapter 361 of NRS , to the county treasurer, the amount of the partial abatement that was allowed pursuant

to this section before the failure of the business to comply unless the Nevada Tax

Commission determines that the business has substantially complied with the requirements

of this section. Except as otherwise provided in NRS 360.232 and 360.320 , the business shall, in addition to the amount of the partial abatement required

to be paid pursuant to this subsection, pay interest on the amount due at the rate

most recently established pursuant to NRS 99.040 for each month, or portion thereof, from the last day of the month following the

period for which the payment would have been made had the partial abatement not been

approved until the date of payment of the tax. 8. The Office of Economic Development may adopt such regulations as the Office determines

to be necessary or advisable to carry out the provisions of this section. 9. An applicant for an abatement who is aggrieved by a final decision of the Office

of Economic Development may petition for judicial review in the manner provided in chapter 233B of NRS .