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 ending on or before June 30, 2023. 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) The Division receives the application on or after July 1, 2023.
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.
(Added to NRS by 2019, 3765, effective January 1, 2020)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.