Title 18

NRS 231A.050 “Credit allowance date” defined. “Credit allowance date” means, with respect to any qualified equity investment or impact qualified equity investment: 1. The date on which the investment is initially made; and 2. Each of the six anniversary dates immediately followin…

NRS 231A.060 “Department” defined. “Department” means the Department of Business and Industry. (Added to NRS by 2013, 3446)

NRS 231A.070 “Director” defined. “Director” means the Director of the Department. (Added to NRS by 2013, 3446)

NRS 231A.075 “Fresh food retailer” defined. 1. “Fresh food retailer” means a retail establishment, whether organized for profit or not for profit, which is principally devoted to the sale of meat, seafood, fresh fruits and vegetables, dairy products, dry groceries and household p…

NRS 231A.0753 “Impact qualified active low-income community business” defined. “Impact qualified active low-income community business” means a qualified active low-income community business as that term is defined in section 45D of the Internal Revenue Code of 1986, 26 U.S.C. § 4…

NRS 231A.0755 “Impact qualified community development entity” defined. “Impact qualified community development entity” means: 1. A partnership, limited-liability company or corporation that has its principal business operations in this State and is engaged in lending or other inv…

NRS 231A.0757 “Impact qualified equity investment” defined. 1. “Impact qualified equity investment” means any equity investment in, or long-term debt security issued by, an impact qualified community development entity that: (a) Except as otherwise provided in this section, is ac…

NRS 231A.080 “Liability for insurance premium tax” defined. “Liability for insurance premium tax” means any liability incurred by any entity under NRS 680A.330 or 680B.025 to 680B.039, inclusive, or, if the tax liability under NRS 680A.330 or 680B.025 to 680B.039, inclusive, is e…

NRS 231A.090 “Long-term debt security” defined. “Long-term debt security” means any debt instrument which qualifies as such pursuant to NRS 231A.160. (Added to NRS by 2013, 3446)

NRS 231A.0953 “Principal business operations” defined. “Principal business operations” means the physical location of a business where at least 60 percent of the employees of the business work. (Added to NRS 2023, 3356)

NRS 231A.100 “Purchase price” defined. “Purchase price” means the amount paid to the issuer of a qualified equity investment or impact qualified equity investment for the qualified equity investment or impact qualified equity investment. (Added to NRS by 2013, 3446; A 2023, 3358)

NRS 231A.110 “Qualified active low-income community business” defined. 1. “Qualified active low-income community business” has the meaning ascribed to it in section 45D of the Internal Revenue Code of 1986, 26 U.S.C. § 45D, and 26 C.F.R. § 1.45D-1. 2. The term is limited to quali…

NRS 231A.120 “Qualified community development entity” defined. “Qualified community development entity” has the meaning ascribed to it in section 45D of the Internal Revenue Code of 1986, 26 U.S.C. § 45D, but is limited to such an entity specified in NRS 231A.180. (Added to NRS b…

NRS 231A.130 “Qualified equity investment” defined. 1. “Qualified equity investment” means any equity investment in, or long-term debt security issued by, a qualified community development entity that: (a) Except as otherwise provided in this section, is acquired after October 1,…

NRS 231A.135 “Qualified fresh food retailer” defined. “Qualified fresh food retailer” means a business that is: 1. A fresh food retailer; 2. A business described in section 45D(d)(2) of the Internal Revenue Code of 1986, 26 U.S.C. § 45D(d)(2), and 26 C.F.R. § 1.45D-1(d)(4); and 3…

NRS 231A.140 “Qualified low-income community investment” defined. “Qualified low-income community investment” means any capital or equity investment in, or loan to, any qualified active low-income community business or impact qualified active low-income community business. (Added…

NRS 231A.145 “Underserved community” defined. “Underserved community” means a census tract determined to be an area with low supermarket access by either the United States Department of Agriculture as identified in the Food Access Research Atlas or through a methodology that has …

NRS 231A.150 Regulations. The Director may adopt regulations to carry out the provisions of this chapter. (Added to NRS by 2013, 3454)

NRS 231A.155 Qualifications for impact qualified active low-income community business. 1. For the purposes of NRS 231A.0753, an impact qualified active low-income community business is limited to those businesses which have their principal business operations in this State and: (…

NRS 231A.160 Qualifications for long-term debt security. To qualify as long-term debt security, a debt instrument must be issued by a qualified community development entity or impact qualified community development entity, at par value or a premium, with an original maturity date…

NRS 231A.170 Qualified active low-income community business: Qualification; limitations; exclusions. 1. For the purpose of NRS 231A.110, a qualified active low-income community business is limited to those businesses meeting the Small Business Administration size eligibility stan…

NRS 231A.175 Use of proceeds of qualified low-income community investment to establish principal business operations in State. A business that agrees to use the proceeds of a qualified low-income community investment to establish principal business operations in this State shall …

NRS 231A.180 Qualified community development entity: Requirement for allocation agreement; additional entities included. For the purpose of NRS 231A.120, a qualified community development entity is limited to an entity that has entered into, for the current year or any prior year…

NRS 231A.200 Vested right to credit against insurance premium tax liability: Use of credit; maximum yearly amount of credit; amount of credit that may carry forward to subsequent year. An entity that makes a qualified equity investment or impact qualified equity investment earns …

NRS 231A.210 Tax credits not to be refunded or sold; allocation of tax credits to partners, members or shareholders of earning entity. No tax credit claimed under this chapter may be refunded or sold on the open market. Tax credits earned by a partnership, limited-liability compa…

NRS 231A.220 Limitations on relationship between insurer or affiliate and qualified community development entity or impact qualified community development entity. 1. An insurer or an affiliate of an insurer may not: (a) Manage a qualified community development entity or impact qu…

NRS 231A.230 Designation of investment or security as eligible for tax credit by qualified community development entity or impact qualified community development entity: Application requirements; duties of Department; certification of investment or security as eligible for tax cr…

NRS 231A.240 Qualified low-income community investments: Percentage required to be invested in severely distressed census tracts; reduction in required percentage by Director; refinancing of investments. 1. A qualified community development entity which issues qualified equity in…

NRS 231A.245 Qualified low-income community investments: Investments from more than one qualified community development entity or impact qualified community development entity; use of certain money for investments. 1. A qualified community development entity or impact qualified c…

NRS 231A.250 Circumstances requiring recapture by Department of tax credits. Except as otherwise provided in NRS 231A.260, the Department shall recapture, from the entity that claimed the credit on a return, the tax credit allowed under this chapter if: 1. Any amount of a federal…

NRS 231A.260 Recapture: Cure period; notice requirement. Enforcement of each of the recapture provisions set forth in NRS 231A.250 is subject to a 6-month cure period. No recapture may occur until the qualified community development entity or impact qualified community developmen…

NRS 231A.270 Designation of investment or security as qualified equity investment or impact qualified equity investment by qualified community development entity or impact qualified community development entity: Fee. 1. A qualified community development entity or impact qualified…

NRS 231A.280 Department to issue letter rulings regarding tax credits: Requirements for letter rulings; letter rulings binding on Department, agents or successors until tax credits claimed. 1. The Department shall issue letter rulings regarding the tax credit program authorized u…

NRS 231A.290 Entity claiming tax credit not required to pay additional taxes resulting from claim of credit. 1. An entity claiming a credit under this chapter is not required to pay any additional retaliatory tax levied pursuant to NRS 680A.330 as a result of claiming that credit…

NRS 231A.300 Decertification of qualified equity investment or impact qualified equity investment: Circumstances; limitations on distribution and payment on securities by qualified community development entity or impact qualified community development entity; notice requirements.…

NRS 231A.310 Qualified community development entity or impact qualified community development entity not entitled to pay to affiliates fees in connection with qualified investments before decertification. A qualified community development entity or impact qualified community deve…

NRS 231A.320 Duties of Director: Annual review of qualified community development entity and impact qualified community development entity; report to Legislature. 1. The Director shall conduct an annual review of each qualified community development entity and impact qualified co…