Amendment No. 439

Senate Amendment to Senate Bill No. 521 (BDR 32-1661)

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 1, line 3, after "1." by inserting:

"A taxpayer may collect an admission fee for the exhibition of fine art otherwise exempt from taxation pursuant to NRS 361.068 if the taxpayer offers to residents of the State of Nevada a discount of 50 percent from any admission fee charged to nonresidents. The discounted admission fee for residents must be offered for a total of at least 25 hours each week between 6 p.m. and 12 a.m. during the year for which the exemption is claimed.

2.".

Amend sec. 2, page 1, line 8, by deleting "2." and inserting "3.".

Amend sec. 2, page 1, line 9, after "collected" by inserting:

"for exhibiting the fine art".

Amend sec. 2, page 1, line 11, by deleting "and indirect".

Amend sec. 2, page 1, line 12, after "to" by inserting:

"supervised programs for the arts as provided in NRS 62.211 and".

Amend sec. 2, page 1, line 14, by deleting "art;" and inserting:

"art, including the cost of meeting the requirements of subparagraph (4) of paragraph (b) of subsection 5 of NRS 361.068;".

Amend sec. 2, page 1, line 18, by deleting "3." and inserting "4.".

Amend sec. 4, page 2, line 24, by deleting "1" and inserting "2".

Amend sec. 4, page 3, by deleting lines 1 through 6 and inserting "subsection 5.".

Amend sec. 4, page 3, line 32, by deleting "it;" and inserting:

"it, or if the gallery, museum or other building or area in which the fine art will be displayed will not be opened until after the beginning of the fiscal year for which the exemption is claimed, these display requirements must instead be met for the first full fiscal year after the date of opening, and the date of opening must not be later than 2 years after the purchase of the fine art being displayed;".

Amend sec. 4, page 3, by deleting lines 33 and 34 and inserting:

"(4) Is on display in a facility that is available for [educational purposes.] group tours by pupils or students for at least 5 hours on at least 20 days of each full year for which the exemption is claimed, during which the".

Amend sec. 5, page 4, line 18, by deleting "1" and inserting "2".

Amend sec. 5, page 4, by deleting lines 36 through 41 and inserting "subsection 4.".

Amend sec. 5, page 5, line 16, by deleting "it;" and inserting:

"it, or if the gallery, museum or other building or area in which the fine art will be displayed will not be opened until after the beginning of the fiscal year for which the exemption is claimed, these display requirements must be met for the first full fiscal year after the date of opening, and the date of opening must not be later than 2 years after the purchase of the fine art being displayed;".

Amend sec. 5, page 5, by deleting lines 17 and 18 and inserting:

"(4) Is on display in a facility that is available for [educational purposes.] group tours by pupils or students for at least 5 hours on at least 20 days of each full year for which the exemption is claimed, during which the".

Amend sec. 6, page 5, line 32, after "1." by inserting:

"A taxpayer may collect an admission fee for the exhibition of fine art otherwise exempt from taxation on its sale, storage, use or other consumption pursuant to NRS 374.291 if the taxpayer offers to residents of the State of Nevada a discount of 50 percent from any admission fee charged to nonresidents. The discounted admission fee for residents must be offered for a total of at least 25 hours each week between 6 p.m. and 12 a.m. during the first full calendar year after the purchase of the fine art.

2.".

Amend sec. 6, page 5, by deleting line 33 and inserting:

"exempt from taxation on its sale, storage, use or other consumption pursuant to NRS 374.291 and the fee is collected during".

Amend sec. 6, page 5, line 34, by deleting "its purchase," and inserting:

"the purchase of the fine art,".

Amend sec. 6, page 5, line 35, after "purchased" by inserting:

"or upon the sale or use of the fine art".

Amend sec. 6, page 5, line 37, by deleting "2." and inserting:

"3. Any tax due pursuant to this section must be paid with the first sales and use tax return otherwise required to be filed by the taxpayer following the 15th day of the fourth month after the end of the first full calendar year following the purchase of the fine art or, if no sales and use tax return is otherwise required to be filed by the taxpayer, with a sales and use tax return filed specifically for this purpose on or before the last day of the fourth month after the end of the first full calendar year following the purchase of the fine art.

4.".

Amend sec. 6, page 5, line 38, after "collected" by inserting:

"for exhibiting the fine art".

Amend sec. 6, page 5, line 40, by deleting "and indirect".

Amend sec. 6, page 5, line 41, after "to" by inserting:

"supervised programs for the arts as provided in NRS 62.211 and".

Amend sec. 6, page 5, line 43, by deleting "art;" and inserting:

"art, including the cost of meeting the requirements of paragraph (d) of subsection 3 of NRS 374.291;".

Amend sec. 7, page 6, by deleting line 7 and inserting:

"personal property. The terms do not include a sale of property that:

(a) Meets the requirements of paragraphs (a) and (b) of subsection 3 of NRS 374.291;

(b) Is made available for sale within 2 years after it is acquired; and

(c) Is made available for viewing by the public or prospective purchasers, or both, within 2 years after it is acquired, whether or not a fee is charged for viewing it and whether or not it is also used for purposes other than viewing.".

Amend sec. 7, page 6, by deleting lines 15 through 23.

Amend the bill as a whole by deleting sec. 8 and inserting:

"Sec. 8. (Deleted by amendment.)".

Amend sec. 9, page 7, by deleting line 4 and inserting:

"2. The keeping, retaining or exercising any right or power over tangible personal property that:".

Amend sec. 9, page 7, line 5, by deleting "subsection 2" and inserting "subsection 3".

Amend sec. 10, page 7, line 13, by deleting "section 3" and inserting "section 6".

Amend sec. 10, page 7, line 34, by deleting "purchased;" and inserting:

"purchased [;] , or if the facility displaying the fine art disposes of it before the end of that year, during at least two-thirds of the full weeks during which the facility had possession of it, or if the gallery, museum, or other building or area in which the fine art will be displayed will not be opened until after the beginning of the first full calendar year after the date on which the fine art is purchased, these display requirements must instead be met for the first full calendar year after the date of opening, and the date of opening must not be later than 2 years after the purchase of the fine art being displayed;".

Amend sec. 10, page 7, by deleting lines 35 and 36 and inserting:

"(d) Will be on display in a facility that is available for [educational purposes.] group tours by pupils or students for at least 5 hours on at least 20 days of the first full calendar year after the purchase of the fine art, during which the".

Amend sec. 12, page 8, by deleting lines 12 and 13 and inserting:

"leases, dispositions, keeping and retention of property, and to property held, before, on or after that date except that the provisions of subsection 1 of sections 2 and 6 of this act do not apply to require the taxpayer to have offered discounted admission fees for residents before July 1, 1999.".