Nevada § 363A.139 - Payroll tax: Credit for donation to scholarship organization made through Nevada Educational Choice Scholarship Program

§ 363A.139. Payroll tax: Credit for donation to scholarship organization made through Nevada Educational Choice Scholarship Program

1. Any taxpayer who is required to pay a tax pursuant to NRS 363A.130 may receive a credit against the tax otherwise due for any donation of money made

by the taxpayer to a scholarship organization in the manner provided by this section. 2. To receive the credit authorized by subsection 1, a taxpayer who intends to make

a donation of money to a scholarship organization must, before making such a donation,

notify the scholarship organization of the taxpayer's intent to make the donation

and to seek the credit authorized by subsection 1. A scholarship organization shall, before accepting any such donation, apply to the

Department of Taxation for approval of the credit authorized by subsection 1 for the

donation. The Department of Taxation shall, within 20 days after receiving the application,

approve or deny the application and provide to the scholarship organization notice

of the decision and, if the application is approved, the amount of the credit authorized. Upon receipt of notice that the application has been approved, the scholarship organization

shall provide notice of the approval to the taxpayer who must, not later than 30 days

after receiving the notice, make the donation of money to the scholarship organization. If the taxpayer does not make the donation of money to the scholarship organization

within 30 days after receiving the notice, the scholarship organization shall provide

notice of the failure to the Department of Taxation and the taxpayer forfeits any

claim to the credit authorized by subsection 1. 3. The Department of Taxation shall approve or deny applications for the credit authorized

by subsection 1 in the order in which the applications are received. 4. Except as otherwise provided in subsection 5, the Department of Taxation may, for

each fiscal year, approve applications for the credit authorized by subsection 1 until

the total amount of the credits authorized by subsection 1 and approved by the Department

of Taxation pursuant to this subsection and subsection 4 of NRS 363B.119 is $6,655,000. The amount of any credit which is forfeited pursuant to subsection 2 must not be

considered in calculating the amount of credits authorized for any fiscal year. 5. Except as otherwise provided in this subsection, in addition to the amount of credits

authorized by subsection 4 for Fiscal Years 2019-2020, 2020-2021 and 2021-2022, the

Department of Taxation may approve applications for the credit authorized by subsection

1 for each of those fiscal years until the total amount of the credits authorized

by subsection 1 and approved by the Department of Taxation pursuant to this subsection

and subsection 5 of NRS 363B.119 is $4,745,000. The provisions of subsection 4 do not apply to the amount of credits authorized

by this subsection and the amount of credits authorized by this subsection must not

be considered when determining the amount of credits authorized for a fiscal year

pursuant to subsection 4. If, in Fiscal Year 2019-2020, 2020-2021 or 2021-2022, the amount of credits authorized

by subsection 1 and approved pursuant to this subsection and subsection 5 of NRS 363B.119 is less than $4,745,000, the remaining amount of credits pursuant to this subsection

and subsection 5 of NRS 363B.119 must be carried forward and made available for approval during subsequent fiscal

years until the total amount of credits authorized by subsection 1 and approved pursuant

to this subsection and subsection 5 of NRS 363B.119 is equal to $14,235,000. The amount of any credit which is forfeited pursuant to subsection 2 must not be

considered in calculating the amount of credits authorized pursuant to this subsection. 6. If a taxpayer applies to and is approved by the Department of Taxation for the

credit authorized by subsection 1, the amount of the credit provided by this section

is equal to the amount approved by the Department of Taxation pursuant to subsection

2, which must not exceed the amount of the donation made by the taxpayer to a scholarship

organization. The total amount of the credit applied against the taxes described in subsection

1 and otherwise due from a taxpayer must not exceed the amount of the donation. 7. If the amount of the tax described in subsection 1 and otherwise due from a taxpayer

is less than the credit to which the taxpayer is entitled pursuant to this section,

the taxpayer may, after applying the credit to the extent of the tax otherwise due,

carry the balance of the credit forward for not more than 5 years after the end of

the calendar year in which the donation is made or until the balance of the credit

is applied, whichever is earlier. 8. As used in this section, “scholarship organization” has the meaning ascribed to

it in NRS 388D.260 .