SB430
AN ACT relating to taxation; providing for the issuance of transferable tax credits and the partial abatement of certain taxes for certain projects of single-family residences; exempting such residences from the taxes on real property and transfers of such residences from the taxes on transfers of real property in certain circumstances; prohibiting the sale of such residences to certain corporate investors; and providing other matters properly relating thereto. Close title AN ACT relating to taxation; providing for the issuance of transferable tax credits and the partial abatement of certain taxes for certain projects of single-family residences; exempting such residences from the taxes on real property and transfers of such residences from the taxes on transfers of real property in certain circumstances; prohibiting the sale of such residences to certain corporate investors; and providing other matters properly relating thereto.
Introduction Date
Monday, March 24, 2025
Primary Sponsor
Senate Committee on Revenue and Economic Development
Public exhibits
0
Support 0 · Opp 0 · Neutral 0
Auditor findings
0
recusal 0 · QPQ 0
AN ACT relating to taxation; providing for the issuance of transferable tax credits and the partial abatement of certain
Under existing law, financial institutions and other employers are required to pay an excise tax (the modified business tax) on wages paid by them. (NRS 363A.130, 363B.110) Existing law provides for the imposition and administration of sales and use taxes pursuant to the Sales and Use Tax Act and the Local School Support Tax Law. (Chapters 372 and 374 of NRS) Any amendment to the Local School Support Tax Law also applies to other sales and use taxes imposed under existing law. (NRS 354.705, 374A.020, 376A.060, 377.040, 377A.030, 377B.110, 543.600; and various special and local acts) Sections 2-13 of this bill authorize the Housing Division of the Department of Business and Industry to approve applications for the issuance of transferable tax credits and granting of abatements of the excise tax on employers other than financial institutions or local sales and use taxes imposed pursuant to the Local School Support Tax Law that are submitted by a project sponsor engaged in a project for the acquisition, development and construction of single-family residences to be sold for the direct cost of the residences to households who will occupy the residences and whose income is less than 130 percent of the area median income. Section 9 authorizes the project sponsor, on behalf of the project, to apply to the Division for these tax incentives. Sections 9 and 19 of this bill provide for the confidentiality of certain information in the application and for the adoption of regulations. Sec
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