SB364

Existing law authorizes the Office of Economic Development to grant a partial abatement of property taxes, business taxes or sales and use taxes to a business that locates or expands in this State and meets certain qualifications for the partial abatement. (NRS 274.310, 274.320, 274.330, 360.750, 360.753, 360.754, 701A.210) Section 1 of this bill authorizes the owner of a business or a person who intends to locate or expand a business in this State to apply to the Office for a partial abatement of property taxes or local sales and use taxes, or an abatement of modified business taxes, imposed with respect to the construction, operation, manufacture, reconstruction, maintaining, repairing or laying of railroad tracks, railroad spurs and other physical infrastructure in this State necessary to provide rail service. Section 1 requires the Office to approve a partial abatement for a period of not more than 10 years if the Office makes certain determinations regarding the applicant, including that the applicant: (1) has entered into an agreement with the Office addressing certain matters; (2) will provide certain wages and other benefits to the applicant's employees; (3) will increase the number of full-time employees employed by the applicant in this State; and (4) will make certain new capital investments or maintain and possess tangible personal property in this State which exceeds a specified value. Section 2 of this bill requires the Department of Taxation to, during cert