Nevada § 360.868 - Limitations on amounts of transferable tax credits which may be issued; expiration of transferable tax credits
Full text of Nevada Nevada Revised Statutes § 360.868 — Limitations on amounts of transferable tax credits which may be issued; expiration of transferable tax credits, with citation guidance and answers to common questions.
§ 360.868. Limitations on amounts of transferable tax credits which may be issued; expiration of transferable tax credits
1. Except as otherwise provided in this subsection, the Division shall not approve
any application for transferable tax credits submitted pursuant to NRS 360.867 if: (a) Approval of the application would cause the total amount of transferable tax credits
approved pursuant to NRS 360.867 for each fiscal year to exceed $10,000,000. Any portion of the $10,000,000 per fiscal year for which transferable tax credits
have not previously been approved may be carried forward and made available for approval
during the next or any future fiscal year. If the Division determines that approval of an application that would cause the
total amount of transferable tax credits approved pursuant to NRS 360.867 in a fiscal year to exceed $10,000,000 is necessary to ensure the maximum development
of affordable housing in this State through the approval of transferable tax credits
pursuant to NRS 360.867 , the Division may approve the application unless the approval of the application
would cause the total amount of transferable tax credits approved pursuant to NRS 360.867 in the fiscal year to exceed $13,000,000. If the Division approves an application for transferable tax credits that causes
the total amount of transferable tax credits approved pursuant to NRS 360.867 in a fiscal year to exceed $10,000,000, the Division must reduce the amount of transferable
tax credits which may be approved pursuant to NRS 360.867 in the next fiscal year by the amount of transferable tax credits approved in excess
of $10,000,000 in the previous fiscal year. (b) Approval of the application would cause the total amount of transferable tax credits
approved for all fiscal years pursuant to NRS 360.867 to exceed $40,000,000. 2. The transferable tax credits issued to a project sponsor pursuant to NRS 360.867 expire 4 years after the date on which the transferable tax credits are issued to
the project sponsor.
Source: official Nevada text · Last verified 2026-08-27
Frequently Asked Questions About Nevada § 360.868
What does Nevada Revised Statutes § 360.868 cover?
Section 360.868 ("Limitations on amounts of transferable tax credits which may be issued; expiration of transferable tax credits") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nevada § 360.868?
A common citation format is "Nevada Revised Statutes § 360.868" (Nevada). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 360.868 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nevada.