Existing law authorizes the Office of Economic Development to approve transferable tax credits and abatements or partial abatements of certain property taxes, business taxes and sales and use taxes for certain businesses in certain circumstances. (NRS 231.1555, 274.310, 274.320, 274.330, 360.750, 360.753, 360.754, 360.759, 360.889, 360.945) With certain exceptions, existing law requires a partial tax abatement with a projected value to a single entity of $500,000 or more to be approved by the Board of Economic Development and a partial tax abatement with a projected value to a single entity of less than $500,000 to be approved by the Executive Director of the Office of Economic Development. (NRS 231.0695) Existing law requires an application for certain transferable tax credits which may be issued to a new or expanded business to be considered by the Board if the application is for transferable tax credits in an amount greater than $100,000. (NRS 231.1555) In addition to partial tax abatements, section 3 of this bill requires a tax abatement or transferable tax credits, or a combination of tax abatements, partial tax abatements and transferable tax credits, with a projected value to a single entity or a single project of $500,000 or more to be approved by the Board. Section 3 requires the Office, within 15 days after receiving an application for a tax abatement, partial tax abatement or transferable tax credits which must be approved by the Board and which is for a business or project that is or will be located in a county whose population is less than 100,000 (currently all counties other than Clark and Washoe Counties), to notify the governing body of the county, city and school district in which the business or project is or will be located and the president of each community college located in the county in which the business or project is or will be located. Section 1 of this bill requires each entity which is required to receive such notice, not later than 15 days before any meeting at which the Board will consider such an application, to appoint a representative to serve as a temporary voting member of the Board for the limited purpose of considering and taking action on the application. Section 1 provides that a temporary voting member does not receive compensation from the Board and is not counted as a member of the Board for the purpose of determining the presence of a quorum. Additionally, sections 1, 2, 5 and 6 of this bill authorize a temporary voting member to receive and view any information contained in the application which is available to the other members of the Board. Section 4 of this bill makes a conforming change to indicate that the provisions of section 1 requiring the appointment of temporary members applies if the Board is required to consider an application for transferable tax credits for a new or expanded business in an amount greater than $100,000.

Statutes affected:
As Introduced: 231.033, 231.069, 231.0695, 231.1555, 360.890, 360.950
BDR: 231.033, 231.069, 231.0695, 231.1555, 360.890, 360.950