Under existing law, an entity seeking a partial tax abatement of certain taxes must apply to the Office of Economic Development for approval. (NRS 274.310-274.330, 360.750-360.754, 360.889, 360.945) A partial tax abatement is deemed approved by the Office: (1) upon approval by the Board of Economic Development for a partial tax abatement with a projected value to a single entity of $250,000 or more; and (2) upon approval by the Executive Director of the Office for a partial tax abatement with a projected value to a single entity of less than $250,000. (NRS 231.0695) This bill increases the threshold for the projected value of a partial abatement that is deemed approved by the Office: (1) upon approval by the Board of Economic Development from $250,000 or more to $500,000 or more; or (2) upon approval by the Executive Director from less than $250,000 to less than $500,000.

Statutes affected:
As Introduced: 231.0695
As Enrolled: 231.0695
BDR: 231.0695