Amendment No. 1161

Assembly Amendment to Senate Bill No. 411 First Reprint (BDR 32-1007)

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. 3, page 4, line 10, after "cost" by inserting:

"of replacement as".

Amend sec. 4, page 5, line 3, by deleting "that:".

Amend sec. 4, pages 5 and 6, by deleting lines 4 through 43 on page 5 and lines 1 through 11 on page 6 and inserting:

"that it is more equitable to establish the valuation for assessment purposes of all types of property without considering the value of intangible personal property and that the incremental elimination of intangible personal property from the valuation and assessment of all property in the State of Nevada is desirable to allow the orderly assessment and collection of ad valorem taxes.

2. Notwithstanding the amendatory provisions of this act, intangible personal property must continue to be assessed pursuant to the provisions of chapter 361 of NRS as those provisions existed before the enactment of the amendatory provisions of this act, except that:

(a) For the fiscal year commencing July 1, 2000, the assessed value of the intangible personal property must be reduced by 5 percent;

(b) For the fiscal year commencing July 1, 2001, the assessed value of the intangible personal property must be reduced by 10 percent;

(c) For the fiscal year commencing July 1, 2002, the assessed value of the intangible personal property must be reduced by 40 percent; and

(d) For the fiscal year commencing July 1, 2003, the assessed value of the intangible personal property must be reduced by 70 percent.".

Amend sec. 5, page 6, line 30, by deleting "the committee" and inserting:

"the committee, other representatives of local government".

Amend sec. 5, page 7, line 20, by deleting:

"fair and equitable" and inserting:

"fair, equitable, stable and reliable".

Amend sec. 6, page 7, by deleting lines 23 through 27 and inserting:

"Sec. 6. 1. This act becomes effective July 1, 1999.

2. Section 4 of this act expires by limitation on June 30, 2004.".