Amendment No. 727

Senate Amendment to Assembly Bill No. 506 First Reprint (BDR 32-953)

Proposed by: Committee on Taxation

Amendment Box:

Resolves Conflicts with: N/A

Amends: Summary: Title: Preamble: Joint Sponsorship:

ASSEMBLY ACTION Initial and Date | SENATE ACTION Initial and Date

Adopted Lost | Adopted Lost

Concurred In Not | Concurred In Not

Receded Not | Receded Not

Amend sec. 2, page 2, line 14, before "In" by inserting "1.".

Amend sec. 2, page 2, by deleting lines 19 through 21 and inserting:

"be paid during the current calendar year.

2.  The department shall [use this] :

(a) Use the statement filed pursuant to subsection 1 only to prepare estimates for use by local governments in the preparation of their budgets [.] ; and

(b) Submit those estimates to the local governments on or before April 25 of each year.".

Amend sec. 5, page 4, line 24, by deleting "February 15," and inserting:

"February [15,] 28,".

Amend the bill as a whole by adding new sections designated sections 6 and 7, following sec. 5, to read as follows:

"Sec. 6. NRS 362.171 is hereby amended to read as follows:

362.171 1. Each county to which money is appropriated by subsection 1 of NRS 362.170 may set aside a percentage of that appropriation to establish a county fund for mitigation.

[2.] Money from the fund may be appropriated by the board of county commissioners only to mitigate adverse effects upon the county, or the school district located in the county, which result from [the] :

(a) A decline in the revenue received by the county from the tax on the net proceeds of minerals during the 2 fiscal years immediately preceding the current fiscal year; or

(b) The opening or closing of an extractive operation from the net proceeds of which revenue has been or is reasonably expected to be derived [under] pursuant to this chapter.

2. Each school district to which money is apportioned by a county pursuant to subsection 2 of NRS 362.170 may set aside a percentage of the amount apportioned to establish a school district fund for mitigation. Money from the fund may be used by the school district only to mitigate adverse effects upon the school district which result from:

(a) A decline in the revenue received by the school district from the tax on the net proceeds of minerals during the 2 fiscal years immediately preceding the current fiscal year; or

(b) The opening or closing of an extractive operation from the net proceeds of which revenue has been or is reasonably expected to be derived pursuant to this chapter.

Sec. 7. This act becomes effective on July 1, 1999.".

Amend the title of the bill to read as follows:

"AN ACT relating to taxation; revising the provisions governing the reporting requirements, payment schedules and collection procedures for the tax on the net proceeds of minerals; broadening the authorized uses for the money in a county fund for mitigation; authorizing a school district to establish a fund for mitigation; and providing other matters properly relating thereto.".