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AN ACT relating to taxation; revising criteria governing the approval of an application for certain partial abatements of taxes; authorizing the Office of Economic Development to deny an application for certain partial abatements of taxes if the Office determines that the denial of an application is in the best interests of the State; authorizing businesses that recycle certain materials or produce certain fuels from recycled materials to apply to the Office for a partial abatement of certain taxes on real property; and providing other matters properly relating thereto. Close title AN ACT relating to taxation; revising criteria governing the approval of an application for certain partial abatements of taxes; authorizing the Office of Economic Development to deny an application for certain partial abatements of taxes if the Office determines that the denial of an application is in the best interests of the State; authorizing businesses that recycle certain materials or produce certain fuels from recycled materials to apply to the Office for a partial abatement of certain taxes on real property; and providing other matters properly relating thereto.
Introduction Date
Wednesday, November 20, 2024
Primary Sponsor
Assembly Committee on Revenue
Public exhibits
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Auditor findings
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recusal 0 · QPQ 0
AN ACT relating to taxation; revising criteria governing the approval of an application for certain partial abatements o
Existing law authorizes a person who intends to locate or expand a business in this State to apply to the Office of Economic Development for a partial abatement of certain property taxes, business taxes and sales and use taxes. The Office is required to approve an application for such a partial abatement if the Office determines that the business applying for the partial abatement satisfies certain criteria. (NRS 360.750) Section 2 of this bill revises one of the eligibility criteria by requiring a business that is anticipated to have at least 500 full-time employees on the payroll of the business within a certain period, rather than 50 such employees, to comply with the requirement to have a policy for paid family and medical leave for employees. Section 2 also removes a prohibition on the approval of a partial abatement for an applicant who intends to expand a business and who has already received a partial abatement for expanding that business, thereby authorizing a business to obtain a partial abatement for multiple expansions of a business. (NRS 360.750) Another eligibility criteria for a business to qualify for a partial abatement is that the business offers primary jobs, which are jobs at a business location in this State where at least half of the revenue generated at that business location is derived from exports to locations outside of this State. (NRS 360.750; NAC 231.363) Section 2 revises this determination by authorizing the approval of a partial abatement for a
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