NRS218D.355. Requirements for certain legislative measures authorizing or increasing tax abatements approved by Office of Economic Development.

      1.  Any state legislation enacted on or after July 1, 2012, which authorizes or requires the Office of Economic Development to approve any abatement of taxes or increases the amount of any abatement of taxes which the Office is authorized or required to approve:

      (a) Expires by limitation 10 years after the effective date of that legislation.

      (b) Does not apply to:

             (1) Any taxes imposed pursuant to NRS 374.110 or 374.190; or

             (2) Any entity that receives:

                   (I) Any funding from a governmental entity, other than any private activity bonds as defined in 26 U.S.C. § 141; or

                   (II) Any real or personal property from a governmental entity at no cost or at a reduced cost.

      (c) Requires each recipient of the abatement to submit to the Department of Taxation, on or before the last day of each even-numbered year, a report on whether the recipient is in compliance with the terms of the abatement. The Department of Taxation shall establish a form for the report and may adopt such regulations as it determines to be appropriate to carry out this paragraph. The report must include, without limitation:

             (1) The date the recipient commenced operation in this State;

             (2) The number of employees actually employed by the recipient and the average hourly wage of those employees;

             (3) An accounting of any fees paid by the recipient to the State and to local governmental entities;

             (4) An accounting of the property taxes paid by the recipient and the amount of those taxes that would have been due if not for the abatement;

             (5) An accounting of the sales and use taxes paid by the recipient and the amount of those taxes that would have been due if not for the abatement;

             (6) An accounting of the total capital investment made in connection with the project to which the abatement applies; and

             (7) An accounting of the total investment in personal property made in connection with the project to which the abatement applies.

      2.  On or before January 15 of each odd-numbered year, the Department of Taxation shall:

      (a) Based upon the information submitted to the Department of Taxation pursuant to paragraph (c) of subsection 1, prepare a written report of its findings regarding whether the costs of the abatement exceed the benefits of the abatement; and

      (b) Submit the report to the Director for transmittal to the Legislature.

      (Added to NRS by 2009, 2540; A 2011, 3194, 3451)