NRS360.7594. Limitation on amount and duration of credits. [Effective January 1, 2014, through June 30, 2023.]

      1.  Except as otherwise provided in this subsection, the Office of Economic Development shall not approve any application for transferable tax credits:

      (a) If approval of the application would cause the total amount of transferable tax credits approved pursuant to NRS 360.759 for the current fiscal year to exceed $20,000,000. If the Office does not approve $20,000,000 of transferable tax credits during any fiscal year, the remaining amount of transferable tax credits must be carried forward and made available for approval during the immediately following 2 fiscal years.

      (b) Received on or after January 1, 2018.

      2.  The transferable tax credits issued to any producer for any qualified production pursuant to NRS 360.759:

      (a) Must not exceed a total amount of $6,000,000; and

      (b) Expire 4 years after the date on which the transferable tax credits are issued to the producer.

      3.  For the purposes of calculating qualified expenditures and production costs:

      (a) The compensation payable to all producers who are Nevada residents must not exceed 10 percent of the portion of the total budget of the qualified production that was expended in or attributable to any expenses incurred in this State.

      (b) The compensation payable to all producers who are not Nevada residents must not exceed 5 percent of the portion of the total budget of the qualified production that was expended in or attributable to any expenses incurred in this State.

      (c) The compensation payable to any employee, independent contractor or any other person paid a wage or salary as compensation for providing labor services on the production of the qualified production must not exceed $750,000.

      (Added to NRS by 2013, 3095, effective January 1, 2014)