Existing law enacts the Nevada New Markets Jobs Act. (Chapter 231A of NRS) Under the Act, insurance companies are entitled to receive credit against certain taxes imposed on insurance companies in exchange for making an investment in a qualified community development entity. (NRS 231A.200) A qualified community development entity in which such an investment is made is required to use 85 percent of the investment to make capital or equity investments in, or loans to, qualified active low-income community businesses, which are defined as businesses in a low-income community. (NRS 231A.110, 231A.130, 231A.140, 231A.250; 26 U.S.C. § 45D) Section 16 of this bill authorizes an additional amount of investments in qualified community development entities which may be made in exchange for a credit against certain taxes imposed on insurance companies. Sections 14 and 25 of this bill allow certain business entities to receive a credit against the premium tax imposed on insurance companies in exchange for investing in an impact qualified community development entity. Sections 2, 4 and 12 of this bill require an impact qualified community development entity in which such an investment is made to use 85 percent of the investment to make capital or equity investments in, or loans to, impact qualified active low-income community businesses. Sections 2 and 7 of this bill provide that an “impact qualified active low-income community business” means certain types of manufacturing businesses, retail businesses or businesses where the majority of owners are from certain historically disadvantaged groups, but which may be located anywhere in this State. Section 16 establishes the amount of investments in impact qualified community development entities which may be made in exchange for the tax credit. Sections 8-24 of this bill make conforming changes to the provisions of the Nevada New Markets Jobs Act to integrate investments in impact qualified community development entities into the existing provisions governing the eligibility for and administration of tax credits under the Act. Sections 6 and 7 of this bill establish provisions governing whether a business is an impact qualified active low-income community business. Sections 2-5 of this bill define terms related to the tax credit for investments in impact qualified community development entities. Section 25.5 of this bill makes an appropriation to the Department of Business and Industry for costs to carry out the provisions of this bill.

Statutes affected:
As Introduced: 231A.230
Reprint 1: 231A.030, 231A.040, 231A.050, 231A.100, 231A.140, 231A.160, 231A.200, 231A.220, 231A.230, 231A.240, 231A.245, 231A.250, 231A.260, 231A.270, 231A.300, 231A.310, 231A.320, 680B.0365
Reprint 2: 231A.030, 231A.040, 231A.050, 231A.100, 231A.140, 231A.160, 231A.200, 231A.220, 231A.230, 231A.240, 231A.245, 231A.250, 231A.260, 231A.270, 231A.300, 231A.310, 231A.320, 680B.0365
As Enrolled: 231A.030, 231A.040, 231A.050, 231A.100, 231A.140, 231A.160, 231A.200, 231A.220, 231A.230, 231A.240, 231A.245, 231A.250, 231A.260, 231A.270, 231A.300, 231A.310, 231A.320, 680B.0365
BDR: 231A.230