Nevada § 360.753 - Partial abatement of certain taxes imposed on aircraft, components of aircraft and other personal property used for certain purposes related to aircraft: Powers and duties of Office of Economic Development, Nevada Tax Commission, applicant for abatement, business approved for abatement and county treasurer

this State may apply to the Office of Economic Development pursuant to this section

for a partial abatement of one or more of: (a) The personal property taxes imposed on an aircraft and the personal property used

to own, operate, manufacture, service, maintain, test, repair, overhaul or assemble

an aircraft or any component of an aircraft; and (b) The local sales and use taxes imposed on the purchase of tangible personal property

used to operate, manufacture, service, maintain, test, repair, overhaul or assemble

an aircraft or any component of an aircraft. 2. Notwithstanding the provisions of any law to the contrary and except as otherwise

provided in subsections 3 and 4, the Office of Economic Development shall approve

an application for a partial abatement if the Office makes the following determinations: (a) 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: (1) Complies with the requirements of NRS 360.755 ; (2) States 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; (3) States that the business will, after the date on which a certificate of eligibility

for the partial abatement is issued pursuant to subsection 5, continue in operation

in this State for a period specified by the Office, which must be not less than 5

years, and will continue to meet the eligibility requirements set forth in this subsection;

and (4) Binds any successor in interest of the applicant for the specified period; (b) The business is registered pursuant to the laws of this State or the applicant

commits to obtaining a valid business license and all other permits required by the

county, city or town in which the business operates; (c) The business owns, operates, manufactures, services, maintains, tests, repairs,

overhauls or assembles an aircraft or any component of an aircraft; (d) The average hourly wage that will be paid by the business to its employees in

this State during the period of partial abatement is not less than 100 percent of

the average statewide hourly wage as established by the Employment Security Division

of the Department of Employment, Training and Rehabilitation on July 1 of each fiscal

year; (e) The business will, by the eighth calendar quarter following the calendar quarter

in which the abatement becomes effective, offer a health insurance plan for all employees

that includes an option for health insurance coverage for dependents of the employees,

and the health care benefits the business offers to its employees in this State will

meet the minimum requirements for health care benefits established by the Office; (f) If the business is: (1) A new business, that it will have five or more full-time employees on the payroll

of the business within 1 year after receiving its certificate of eligibility for a

partial abatement; or (2) An existing business, that it will increase its number of full-time employees

on the payroll of the business in this State by 3 percent or three employees, whichever

is greater, within 1 year after receiving its certificate of eligibility for a partial

abatement; (g) The business meets at least one of the following requirements: (1) The business will make a new capital investment of at least $250,000 in this State

within 1 year after receiving its certificate of eligibility for a partial abatement; (2) The business will maintain and possess in this State tangible personal property

having a value of not less than $5,000,000 during the period of partial abatement; (3) The business develops, refines or owns a patent or other intellectual property,

or has been issued a type certificate by the Federal Aviation Administration pursuant

to 14 C.F.R. Part 21 ; and (h) If the application is for the partial abatement of the taxes imposed by the Local

School Support Tax Law, the application has been approved by a vote of at least two-thirds

of the members of the Board of Economic Development created by NRS 231.033 . 3. The Office of Economic Development: (a) Shall approve or deny an application submitted pursuant to this section and notify

the applicant of its decision not later than 45 days after receiving the application. (b) Must not: (1) Consider an application for a partial abatement unless the Office has requested

a letter of acknowledgment of the request for the partial abatement from any affected

county, school district, city or town and has complied with the requirements of NRS 360.757 ; or (2) Approve a partial abatement for any applicant for a period of more than 10 years. 4. The Office of Economic Development must not approve a partial abatement of personal

property taxes for a business whose physical property is collectively valued and centrally

assessed pursuant to NRS 361.320 and 361.3205 . 5. If the Office of Economic Development approves an application for a partial abatement

pursuant to this section, the Office shall immediately forward a certificate of eligibility

for the partial abatement to: (a) The Department; (b) The Nevada Tax Commission; and (c) If the partial abatement is from personal property taxes, the appropriate county

treasurer. 6. An applicant for a partial abatement pursuant to this section or an existing business

whose partial abatement is in effect shall, upon the request of the Executive Director

of the Office of Economic Development, furnish the Executive Director with copies

of all records necessary to verify that the applicant meets the requirements of subsection

2. 7. If an applicant for a partial abatement pursuant to this section fails to execute

the agreement described in paragraph (a) of subsection 2 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

application. 8. If a business whose partial abatement has been approved pursuant to this section

and whose partial abatement is in effect ceases: (a) To meet the requirements set forth in subsection 2; or (b) Operation before the time specified in the agreement described in paragraph (a)

of subsection 2, the business shall repay to the Department or, if the partial abatement was from personal

property taxes, to the appropriate 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 repaid 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. 9. The Office of Economic Development may adopt such regulations as the Office determines

to be necessary to carry out the provisions of this section. 10. The Nevada Tax Commission may adopt such regulations as the Commission determines

are necessary to carry out the provisions of this section. 11. An applicant for a partial abatement who is aggrieved by a final decision of the

Office of Economic Development may petition a court of competent jurisdiction to review

the decision in the manner provided in chapter 233B of NRS . 12. As used in this section: (a) “ Aircraft ” means any fixed-wing, rotary-wing or unmanned aerial vehicle. (b) “ Component of an aircraft ” means any: (1) Element that makes up the physical structure of an aircraft, or is affixed thereto; (2) Mechanical, electrical or other system of an aircraft, including, without limitation,

any component thereof; and (3) Raw material or processed material, part, machinery, tool, chemical, gas or equipment

used to operate, manufacture, service, maintain, test, repair, overhaul or assemble

an aircraft or component of an aircraft. (c) “ Full-time employee ” means a person who is in a permanent position of employment and works an average

of 30 hours per week during the applicable period set forth in subparagraph (3) of

paragraph (a) of subsection 2. (d) “ Local sales and use taxes ” means any 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 any political

subdivision of this State, except the taxes imposed by the Sales and Use Tax Act. (e) “ Personal property taxes ” means any taxes levied on personal property by the State or a local government pursuant

to chapter 361 of NRS .