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 1-4, 6, 8 and 12-15 of this bill require such an agreement between the Office and an applicant for transferable tax credits or a tax abatement to incorporate a community benefits plan addressing actions that the applicant agrees to take to benefit the vitality of the local community and improve the social and economic well-being of members of the local community. Sections 1-3, 5, 7, 9 and 12-15 of this bill: (1) authorize the Office to investigate whether the recipient of an abatement or partial abatement is complying with the terms of the community benefits plan; and (2) require a recipient to repay the amount of the abatement or partial abatement, plus interest, if the Executive Director of the Office determines that the recipient has not substantially complied with the terms of the community benefits plan. Sections 10 and 11 of this bill make conforming changes to update references to provisions renumbered by section 2. Section 16 of this bill makes the requirements of this relating to community benefits plans only if an applicant for certain transferable tax credits or certain abatements submits an application 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
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