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. The Office is prohibited from approving an application for such credits or abatements unless the applicant satisfies certain criteria and has entered into an agreement with the Office establishing certain terms for the abatement. (NRS 231.1555, 274.310, 274.320, 274.330, 360.750, 360.753, 360.754, 360.759, 360.889, 360.945) Sections 1-3, 6, 8 and 12-15 of this bill additionally require an applicant for certain transferable tax credits or a tax abatement to certify in the application for transferrable tax credits or a tax abatement, as applicable, that, if the application is approved, the business will: (1) collaborate with the community in which the business is located; and (2) submit to the Office a community benefits agreement not later than 2 years after the date on which the application is approved. Section 16 of this bill makes the requirements of this bill relating to the certification requirement applicable only to applications for certain transferable tax credits or certain abatements submitted on or after July 1, 2025.

Statutes affected:
As Introduced: 360.750, 360.753, 360.754, 360.759, 360.7597, 360.889, 360.894, 360.945, 360.970, 372.7261, 374.7261, 231.1555, 274.310, 274.320, 274.330
Reprint 1: 360.750, 360.753, 360.754, 360.889, 360.945, 231.1555, 274.310, 274.320, 274.330
As Enrolled: 360.750, 360.753, 360.754, 360.889, 360.945, 231.1555, 274.310, 274.320, 274.330
BDR: 360.750, 360.753, 360.754, 360.759, 360.7597, 360.889, 360.894, 360.945, 360.970, 372.7261, 374.7261, 231.1555, 274.310, 274.320, 274.330