NRS360.7592. Calculation of amount of credit: Base amount; additional amounts for employing residents as below-the-line personnel and filming in certain counties; Office of Economic Development authorized to reduce or withhold credits under certain circumstances. [Effective January 1, 2014, through June 30, 2023.]

      1.  Except as otherwise provided in subsection 3 and NRS 360.7593 and 360.7594, the base amount of transferable tax credits issued to an eligible producer pursuant to NRS 360.759 must equal 15 percent of the cumulative qualified expenditures and production costs.

      2.  Except as otherwise provided in subsection 3 and NRS 360.7594, in addition to the base amount calculated pursuant to subsection 1, transferable tax credits issued to an eligible producer pursuant to NRS 360.759 must include credits in an amount equal to:

      (a) An additional 2 percent of the cumulative qualified expenditures and production costs if more than 50 percent of the below-the-line personnel of the qualified production are Nevada residents; and

      (b) An additional 2 percent of the cumulative qualified expenditures and production costs if more than 50 percent of the filming days of the qualified production occurred in a county in this State in which, in each of the 2 years immediately preceding the date of application, qualified productions incurred less than $10,000,000 of direct expenditures.

      3.  The Office may:

      (a) Reduce the cumulative amount of transferable tax credits that are calculated pursuant to this section by an amount equal to any damages incurred by the State or any political subdivision of the State as a result of a qualified production that is produced in this State; or

      (b) Withhold the transferable tax credits, in whole or in part, until any pending legal action in this State against a producer or involving a qualified production is resolved.

      (Added to NRS by 2013, 3094, effective January 1, 2014)