NRS612.6175. Creation; sources; uses; duties of Administrator; assessment to be paid by employers; exceptions; management of money upon discontinuance of Fund.

      1.  There is hereby created the Interest Repayment Fund as a special revenue fund.

      2.  The Fund consists of all money received pursuant to this section, and must only be used for the payment of interest accruing and payable on advances received pursuant to NRS 612.290 in accordance with the conditions specified in Title XII of the Social Security Act, 42 U.S.C. §§ 1321 et seq., as amended.

      3.  The Administrator shall establish an assessment that will be calculated by dividing the interest accruing and payable on advances received pursuant to NRS 612.290 by 95 percent of the total taxable wages paid by all employers in this State during the immediately preceding calendar year.

      4.  Except as otherwise provided in subsection 7, each employer subject to the provisions of this chapter shall pay a proportionate share of the assessment established by the Administrator pursuant to subsection 3. An employer’s proportionate share of the assessment will be calculated by multiplying the employer’s total taxable wages paid during the immediately preceding calendar year by the amount of the assessment. The Administrator shall notify each employer of his or her proportionate share of the assessment on or before June 30 of each year, and may collect interest on any such amount that remains unpaid on July 31 of each year in accordance with the provisions of NRS 612.620. Any money collected from an employer pursuant to this subsection must be deposited into the Interest Repayment Fund. The Administrator shall establish procedures necessary to collect payments pursuant to this subsection.

      5.  An employer’s proportionate share of the assessment must not be charged against the experience rating record of the employer.

      6.  The provisions of law applicable to the collection of unemployment contributions also apply to the collection of payments pursuant to this section.

      7.  The provisions of this section do not apply to any nonprofit organization, political subdivision or Indian tribe which makes reimbursements in lieu of contributions pursuant to NRS 612.553.

      8.  The provisions of this section are operative only so long as the Interest Repayment Fund continues to exist and the Administrator continues to accept and deposit payments received from employers pursuant to this section into the Interest Repayment Fund. If the Administrator determines that the assessment is no longer necessary, the Administrator shall notify all employers paying a proportionate share of the assessment and shall not accept any further payments. If and when the Interest Repayment Fund ceases to exist, any money remaining in the Interest Repayment Fund, after the payment of all interest accruing and payable on advances received pursuant to NRS 612.290 and a determination by the Administrator that no further payments are anticipated, must be deposited into the Unemployment Compensation Fund.

      (Added to NRS by 2013, 1942)