EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted. Green numbers along left margin indicate location on the printed bill (e.g., 5-15 indicates page 5, line 15).

1-1 Section 1. NRS 364A.020 is hereby amended to read as follows:

1-2 364A.020 1. "Business" includes:

1-15 (b) A governmental entity [.] ; or

2-1 (c) A business that creates or produces motion pictures. As used in

2-2 this paragraph, "motion pictures" has the meaning ascribed to it in

2-3 NRS 231.020.

2-4 Sec. 2. NRS 364A.130 is hereby amended to read as follows:

2-5 364A.130 1. Except as otherwise provided in subsection 6 , [and

2-34 obtain a business license specifically for that event.

2-35 Sec. 3. NRS 231.068 is hereby amended to read as follows:

2-36 231.068 1. The commission on economic development, to the extent

3-1 2. Any money appropriated to the commission on economic

3-2 development for awarding grants to develop a program specified in

3-3 subsection 1 must be accounted for separately in the state general fund.

3-4 The money in the account:

3-5 (a) Does not revert to the state general fund at the end of any fiscal

3-6 year; and

3-7 (b) Must be carried forward to the next fiscal year.

3-8 Sec. 4. NRS 231.170 is hereby amended to read as follows:

3-9 231.170 1. The commission on tourism is composed of the lieutenant

3-34 whose population is [35,000] 50,000 or less.

3-35 (d) One member who is a resident of any county in this state.

3-36 Sec. 5. NRS 608.300 is hereby amended to read as follows:

3-37 608.300 As used in NRS 608.300 to 608.330, inclusive, unless the

3-39 1. "Artist" means an actor, musician, dancer or athlete.

3-40 2. "Production" means [:

3-41 (a) A stage production; or

4-1 (b) A motion picture, as that term is defined in NRS 231.020, that uses

4-2 artists.] a stage production, concert, trade show, exhibition, convention or

4-3 sporting event. The term includes the technical personnel used to create

4-4 and produce the production.

4-5 3. "Producer-promoter-employer" means a natural person who, or a

4-6 firm, association or corporation which, supervises or finances a production

4-7 or attempts to organize a production. [The term also includes a company

4-8 that, in connection with the production of a motion picture within this
4-9 state:

4-10 (a) Is hired or established to organize or manage the payroll of the

4-11 production and is the employer of record of any or all of the persons

4-12 engaged in the production; or

4-13 (b) Is responsible for all of the debts and obligations incurred by a

4-14 motion picture company in the production.]

4-15 Sec. 6. NRS 608.310 is hereby amended to read as follows:

4-16 608.310 1. Except as otherwise provided in subsection 4, a producer-

4-43 state . [; or

5-1 (d) If the producer-promoter-employer is engaged in the production of a

5-2 motion picture, as that term is defined in NRS 231.020, within a county

5-3 whose population is 400,000 or more, has contracted with a company to

5-4 organize or manage the payroll of the production and the company is the

5-5 employer of record of any or all of the persons engaged in the production.

5-6 5. If a producer-promoter-employer is exempt from the provisions of

5-7 this section pursuant to subsection 4, he may request a waiver confirming

5-8 that exemption from:

5-9 (a) The director of the division of motion pictures of the commission on

5-10 economic development; or

5-11 (b) In a county whose population is 400,000 or more, the department or

5-12 agency within that county which is authorized to issue business licenses on

5-13 behalf of the county.

5-14 If the request is made pursuant to paragraph (b), the department or agency

5-15 shall submit the request to the division of motion pictures in accordance

5-16 with NRS 608.325. The labor commissioner shall, within 1 working day,

5-17 approve such a request upon confirmation that the producer-promoter-

5-18 employer fulfills one or more of the criteria for an exemption set forth in

5-19 subsection 4. A waiver approved pursuant to this subsection is effective for

5-20 a period of 5 years unless the labor commissioner determines that good

5-21 cause exists to revoke the waiver. Upon the expiration of a waiver at the

5-22 end of the 5-year period, the labor commissioner may extend the waiver for

5-23 an additional period if the labor commissioner determines that the

5-24 producer-promoter-employer has acted in good faith and has complied with

5-25 the statutes and regulations of this state.]

5-26 Sec. 7. NRS 608.330 is hereby amended to read as follows:

5-27 608.330 Any person who fails to comply with the provisions of NRS

5-28 608.300 to 608.330, inclusive [:

5-29 1. Is] , is guilty of a misdemeanor . [; and

5-30 2. May be prohibited by the division of motion pictures of the

5-31 commission on economic development from proceeding with the

5-32 production until the division determines that he is in compliance with those

5-33 provisions.]

5-34 Sec. 8. Section 1 of Senate Bill No. 537 of this session is hereby

5-35 amended to read as follows:

5-36 Section 1. Chapter 360 of NRS is hereby amended by adding

5-37 thereto a new section to read as follows:

5-41 expanded business pursuant to chapter 361, 364A or 374 of NRS.

6-1 2. The commission on economic development shall approve an

6-2 application for a partial abatement if the commission makes the

6-3 following determinations:

6-4 (a) The business is consistent with:

6-5 (1) The state plan for industrial development and

6-6 diversification that is developed by the commission pursuant to

6-7 NRS 231.067; and

6-8 (2) Any guidelines adopted pursuant to the state plan.

6-9 (b) The applicant has executed an agreement with the

6-10 commission which states that the business will, after the date on

6-11 which a certificate of eligibility for the abatement is issued pursuant

6-12 to subsection 5, continue in operation in this state for a period

6-13 specified by the commission, which must be at least 5 years, and

6-14 will continue to meet the eligibility requirements set forth in this

6-15 subsection. The agreement must bind the successors in interest of

6-16 the business for the specified period.

6-17 (c) The business is registered pursuant to the laws of this state or

6-18 the applicant commits to obtain a valid business license and all

6-19 other permits required by the county, city or town in which the

6-20 business operates.

6-21 (d) Except as otherwise provided in NRS 361.0687, if the

6-22 business is a new business in a county or city whose population is

6-23 50,000 or more, the business meets at least two of the following

6-24 requirements:

6-25 (1) The business will have 75 or more full-time employees on

6-26 the payroll of the business by the fourth quarter that it is in

6-27 operation.

6-28 (2) Establishing the business will require the business to make

6-29 a capital investment of at least $1,000,000 in this state.

6-30 (3) The average hourly wage that will be paid by the new

6-31 business to its employees in this state is at least 100 percent of the

6-32 average statewide hourly wage as established by the employment

6-33 security division of the department of employment, training and

6-34 rehabilitation on July 1 of each fiscal year and:

6-35 (I) The business will provide a health insurance plan for all

6-36 employees that includes an option for health insurance coverage for

6-37 dependents of the employees; and

6-38 (II) The cost to the business for the benefits the business

6-39 provides to its employees in this state will meet the minimum

6-40 requirements for benefits established by the commission by

6-41 regulation pursuant to subsection 9.

7-1 (e) Except as otherwise provided in NRS 361.0687, if the

7-2 business is a new business in a county or city whose population is

7-3 less than 50,000, the business meets at least two of the following

7-4 requirements:

7-5 (1) The business will have 25 or more full-time employees on

7-6 the payroll of the business by the fourth quarter that it is in

7-7 operation.

7-8 (2) Establishing the business will require the business to make

7-9 a capital investment of at least $250,000 in this state.

7-10 (3) The average hourly wage that will be paid by the new

7-11 business to its employees in this state is at least 100 percent of the

7-12 average statewide hourly wage as established by the employment

7-13 security division of the department of employment, training and

7-14 rehabilitation on July 1 of each fiscal year and:

7-15 (I) The business will provide a health insurance plan for all

7-16 employees that includes an option for health insurance coverage for

7-17 dependents of the employees; and

7-18 (II) The cost to the business for the benefits the business

7-19 provides to its employees in this state will meet the minimum

7-20 requirements for benefits established by the commission by

7-21 regulation pursuant to subsection 9.

7-22 (f) If the business is an existing business, the business meets at

7-23 least two of the following requirements:

7-24 (1) The business will increase the number of employees on its

7-25 payroll by 10 percent more than it employed in the immediately

7-26 preceding fiscal year or by six employees, whichever is greater.

7-27 (2) The business will expand by making a capital investment

7-28 in this state in an amount equal to at least 20 percent of the value of

7-29 the tangible property possessed by the business in the immediately

7-30 preceding fiscal year. The determination of the value of the tangible

7-31 property possessed by the business in the immediately preceding

7-32 fiscal year must be made by the:

7-33 (I) County assessor of the county in which the business will

7-34 expand, if the business is locally assessed; or

7-35 (II) Department, if the business is centrally assessed.

7-36 (3) The average hourly wage that will be paid by the existing

7-37 business to its new employees in this state is at least 100 percent of

7-38 the average statewide hourly wage as established by the

7-39 employment security division of the department of employment,

7-40 training and rehabilitation on July 1 of each fiscal year and:

7-41 (I) The business will provide a health insurance plan for all

7-42 new employees that includes an option for health insurance

7-43 coverage for dependents of the employees; and

8-1 (II) The cost to the business for the benefits the business

8-2 provides to its new employees in this state will meet the minimum

8-3 requirements for benefits established by the commission by

8-4 regulation pursuant to subsection 9.

8-5 3. Notwithstanding the provisions of subsection 2, the

8-6 commission on economic development may:

8-7 (a) Approve an application for a partial abatement by a business

8-8 that does not meet the requirements set forth in paragraph (d), (e) or

8-9 (f) of subsection 2;

8-10 (b) Make the requirements set forth in paragraph (d), (e) or (f) of

8-11 subsection 2 more stringent; or

8-12 (c) Add additional requirements that a business must meet to

8-13 qualify for a partial abatement,

8-14 if the commission determines that such action is necessary.

8-15 4. If a person submits an application to the commission on

8-16 economic development pursuant to subsection 1, the commission

8-17 shall provide notice to the governing body of the county and the city

8-18 or town, if any, in which the person intends to locate or expand a

8-19 business. The notice required pursuant to this subsection must set

8-20 forth the date, time and location of the hearing at which the

8-21 commission will consider the application.

8-22 5. If the commission on economic development approves an

8-23 application for a partial abatement, the commission shall

8-24 immediately forward a certificate of eligibility for the abatement to:

8-25 (a) The department;

8-26 (b) The Nevada tax commission; and

8-27 (c) If the partial abatement is from the property tax imposed

8-28 pursuant to chapter 361 of NRS, the county treasurer.

8-29 6. An applicant for a partial abatement pursuant to this section

8-30 or an existing business whose partial abatement is in effect shall,

8-31 upon the request of the executive director of the commission on

8-32 economic development, furnish the executive director with copies

8-33 of all records necessary to verify that the applicant meets the

8-34 requirements of subsection 2.

8-35 7. If a business whose partial abatement has been approved

8-36 pursuant to this section and is in effect ceases:

8-37 (a) To meet the requirements set forth in subsection 2; or

8-38 (b) Operation before the time specified in the agreement

8-39 described in paragraph (b) of subsection 2,

8-40 the business shall repay to the department or, if the partial

8-41 abatement was from the property tax imposed pursuant to chapter

8-42 361 of NRS, to the county treasurer, the amount of the exemption

8-43 that was allowed pursuant to this section before the failure of the

9-1 business to comply unless the Nevada tax commission determines

9-2 that the business has substantially complied with the requirements

9-3 of this section. [The business is also required to] Except as

9-4 otherwise provided in NRS 360.320 and section 2 of Senate Bill

9-5 No. 362 of this session, the business shall, in addition to the

9-6 amount of the exemption required to be paid pursuant to this

9-7 subsection, pay interest on the amount due at the rate most recently

9-8 established pursuant to NRS 99.040 for each month, or portion

9-9 thereof, from the last day of the month following the period for

9-10 which the payment would have been made had the partial abatement

9-11 not been approved until the date of payment of the tax.

9-12 8. A county treasurer:

9-13 (a) Shall deposit any money that he receives pursuant to

9-14 subsection 7 in one or more of the funds established by a local

9-15 government of the county pursuant to NRS 354.611, 354.6113 or

9-16 354.6115; and

9-17 (b) May use the money deposited pursuant to paragraph (a) only

9-18 for the purposes authorized by NRS 354.611, 354.6113 and

9-19 354.6115.

9-20 9. The commission on economic development:

9-21 (a) Shall adopt regulations [regarding:] relating to:

9-22 (1) The minimum level of benefits that a business must

9-23 provide to its employees if the business is going to use benefits paid

9-24 to employees as a basis to qualify for a partial abatement; and

9-25 (2) The notice that must be provided pursuant to subsection 4.

9-26 (b) May adopt such other regulations as the commission on

9-27 economic development determines to be necessary to carry out the

9-28 provisions of this section.

9-29 10. The Nevada tax commission:

9-30 (a) Shall adopt regulations regarding:

9-31 (1) The capital investment that a new business must make to

9-32 meet the requirement set forth in paragraph (d) or (e) of subsection

9-33 2; and

9-34 (2) Any security that a business is required to post to qualify

9-35 for a partial abatement pursuant to this section.

9-36 (b) May adopt such other regulations as the Nevada tax

9-37 commission determines to be necessary to carry out the provisions

9-38 of this section.

9-39 11. An applicant for an abatement who is aggrieved by a final

9-40 decision of the commission on economic development may petition

9-41 for judicial review in the manner provided in chapter 233B of NRS.

10-1 Sec. 9. 1. NRS 364A.153 and 608.325 are hereby repealed.

10-2 2. Sections 12, 20 and 39 of Senate Bill No. 362 of this session are

10-3 hereby repealed.

10-4 Sec. 10. 1. This section and subsection 2 of section 9 of this act

10-5 become effective upon passage and approval.

10-6 2. Section 8 of this act becomes effective on July 1, 1999.

10-7 3. Sections 1 to 7, inclusive, and subsection 1 of section 9 of this act

10-8 become effective on October 1, 1999.

10-9 TEXT OF REPEALED SECTIONS

10-10 364A.153 Responsibility of certain agencies to collect tax from out

10-27 608.325 Duties of certain agencies upon request for waiver or

10-38 to have complied with NRS 231.128.

11-1 Section 12 of Senate Bill No. 362 of this session:

11-2 Sec. 12. 361.0687 1. A person who intends to locate or

11-42 .

12-1 (g) The business will create at least the following number of

12-2 new, full-time and permanent jobs in the State of Nevada by the

12-3 fourth quarter that it is in operation:

12-4 (1) If a new business will be primarily located in a county

12-5 whose population:

12-6 (I) Is 100,000 or more, 100 jobs.

12-7 (II) Is less than 100,000, 35 jobs.

12-8 (2) If an expanded business will be primarily located in a

12-9 county whose population:

12-10 (I) Is 100,000 or more, and the business has at least 100

12-11 employees in this state, 20 jobs. An expanded business primarily

12-12 located in such a county that has less than 100 employees is not

12-13 eligible for a partial abatement pursuant to this section.

12-14 (II) Is less than 100,000, and the business has at least 35

12-15 employees in this state, 10 jobs. An expanded business primarily

12-16 located in such a county that has less than 35 employees is not

12-17 eligible for a partial abatement pursuant to this section.

12-18 (h) For the expansion of a business primarily located in a county

12-19 whose population:

12-20 (1) Is 100,000 or more, the book value of the assets of the

12-21 business in this state is at least $20,000,000.

12-22 (2) Is less than 100,000, the book value of the assets of the

12-23 business in this state is at least $5,000,000.

12-24 (i) The business is registered pursuant to the laws of this state or

12-25 the applicant commits to obtain a valid business license and all

12-26 other permits required by the county, city or town in which the

12-27 business operates.

12-28 (j) The proposed abatement has been approved by the governing

12-29 body of the appropriate affected local government as determined

12-30 pursuant to the regulations adopted pursuant to subsection [8.] 9. In

12-31 determining whether to approve a proposed abatement, the

12-32 governing body shall consider whether the taxes to be paid by the

12-33 business are sufficient to pay for any investment required to be

12-34 made by the local government for services associated with the

12-35 relocation or expansion of the business, including, without

12-36 limitation, costs related to the construction and maintenance of

12-37 roads, sewer and water services, fire and police protection , and the

12-38 construction and maintenance of schools.

12-39 (k) The applicant has executed an agreement with the

12-40 commission which states that the business will continue in operation

12-41 in Nevada for 10 or more years after the date on which a certificate

13-1 of eligibility for the abatement is issued pursuant to subsection 5

13-2 and will continue to meet the eligibility requirements contained in

13-3 this subsection. The agreement must bind the successors in interest

13-4 of the business for the required period.

13-5 3. An applicant shall, upon the request of the executive director

13-6 of the commission on economic development, furnish him with

13-7 copies of all records necessary to verify that the applicant meets the

13-8 requirements of subsection 2.

13-9 4. The percentage of the abatement must be 50 percent of the

13-10 taxes payable each year.

13-11 5. If an application for a partial abatement is approved, the

13-12 commission on economic development shall immediately forward a

13-13 certificate of eligibility for the abatement to:

13-14 (a) The department; and

13-15 (b) The county assessor of each county in which personal

13-16 property directly related to the establishment or expansion of the

13-17 business will be located.

13-18 6. Upon receipt by the department of the certificate of

13-19 eligibility, the taxpayer is eligible for an abatement from the tax

13-20 imposed by this chapter for 10 years:

13-21 (a) For the expansion of a business, on all personal property of

13-22 the business that is located in Nevada and directly related to the

13-23 expansion of the business in this state.

13-24 (b) For a new business, on all personal property of the business

13-25 that is located in Nevada and directly related to the establishment of

13-26 the business in this state.

13-27 7. If a business for which an abatement has been approved is

13-28 not maintained in this state in accordance with the agreement

13-29 required in subsection 2, for at least 10 years after the commission

13-30 on economic development approved the abatement, the person who

13-31 applied for the abatement shall repay to the county treasurer or

13-32 treasurers who would have received the taxes but for the abatement

13-33 the total amount of all taxes that were abated pursuant to this

13-34 section. [The] Except as otherwise provided in NRS 360.320 and

13-35 section 2 of this act, the person who applied for the abatement shall

13-36 pay interest on the amount due at the rate of 10 percent per annum

13-37 for each month, or portion thereof, from the last day of the month

13-38 following the period for which the payment would have been made

13-39 if the abatement had not been granted until the date of the actual

13-40 payment of the tax.

13-41 8. A county treasurer:

14-1 (a) Shall deposit any money that he receives pursuant to

14-2 subsection 7 in one or more of the funds established by a local

14-3 government of the county pursuant to NRS 354.611, 354.6113 or

14-4 354.6115; and

14-5 (b) May use the money deposited pursuant to paragraph (a) only

14-6 for the purposes authorized by NRS 354.611, 354.6113 and

14-7 354.6115.

14-8 9. The commission on economic development shall adopt

14-9 regulations necessary to carry out the provisions of this section. The

14-10 regulations must include, but not be limited to:

14-11 (a) A method for determining the appropriate affected local

14-12 government to approve a proposed abatement and the procedure for

14-13 obtaining such approval; and

14-14 (b) Minimum requirements for benefits that a business applying

14-15 for a partial abatement must offer to its employees to be approved

14-16 for the partial abatement.

14-17 10. The department shall adopt regulations concerning how

14-18 county assessors shall administer partial abatements approved

14-19 pursuant to this section.

14-20 11. An applicant for an abatement who is aggrieved by a final

14-21 decision of the commission on economic development may petition

14-22 for judicial review in the manner provided in chapter 233B of NRS.

14-23 Section 20 of Senate Bill No. 362 of this session:

14-24 Sec. 20. 364A.170 1. A proposed business that qualifies

14-25 pursuant to the provisions of this section is entitled to an exemption

14-26 of:

14-27 (a) Eighty percent of the amount of tax otherwise due pursuant to

14-28 NRS 364A.140 during the first 4 quarters of its operation;

14-29 (b) Sixty percent of the amount of tax otherwise due pursuant to

14-30 NRS 364A.140 during the second 4 quarters of its operation;

14-31 (c) Forty percent of the amount of tax otherwise due pursuant to

14-32 NRS 364A.140 during the third 4 quarters of its operation; and

14-33 (d) Twenty percent of the amount of tax otherwise due pursuant

14-34 to NRS 364A.140 during the fourth 4 quarters of its operation.

14-35 2. A proposed business is entitled to the exemption pursuant to

14-36 subsection 1 if:

14-37 (a) In a county whose population is 35,000 or more:

14-38 (1) The business will have 75 or more full-time employees on

14-39 the payroll of the business by the fourth quarter that it is in

14-40 operation;

14-41 (2) Establishing the business will require the business to make

14-42 a capital investment of $1,000,000 in Nevada; and

15-1 (3) The exemption is approved by the commission on

15-2 economic development pursuant to subsection 3.

15-3 (b) In a county whose population is less than 35,000:

15-4 (1) The business will have 25 or more full-time employees on

15-5 the payroll of the business by the fourth quarter that it is in

15-6 operation;

15-7 (2) Establishing the business will require the business to make

15-8 a capital investment of $250,000 in Nevada; and

15-9 (3) The exemption is approved by the commission on

15-10 economic development pursuant to subsection 3.

15-11 3. A proposed business must apply to the commission on

15-12 economic development to obtain the exemption authorized pursuant

15-13 to this section. The commission shall certify a business’s eligibility

15-14 for the exemption pursuant to this section if:

15-15 (a) The proposed business commits to the requirements of

15-16 subparagraphs (1) and (2) of paragraph (a) or (b) of subsection 2,

15-17 whichever is applicable; and

15-18 (b) The proposed business is consistent with the commission’s

15-19 plan for economic diversification and development.

15-20 Upon certification, the commission shall immediately forward the

15-21 certificate of eligibility for the exemption to the Nevada tax

15-22 commission.

15-23 4. Upon receipt of such a certificate, the Nevada tax

15-24 commission shall include the exemption in the calculation of the tax

15-25 paid by the business. A business for which an exemption is

15-26 approved that does not:

15-27 (a) Have the required number of full-time employees on the

15-28 payroll of the business by the fourth quarter that it is in operation;

15-29 or

15-30 (b) Make the required capital investment in Nevada in the course

15-31 of establishing the business,

15-32 is required to repay to the department the amount of the exemption

15-33 that was allowed pursuant to this section before the business’s

15-34 failure to comply unless the Nevada tax commission determines that

15-35 the business has substantially complied with the requirements of this

15-36 section. [The] Except as otherwise provided in NRS 360.320 and

15-37 section 2 of this act, the business is also required to pay interest on

15-38 the amount due at the rate most recently established pursuant to

15-39 NRS 99.040 for each month, or portion thereof, from the last day of

15-40 the month following the period for which the payment would have

15-41 been made had the exemption not been granted until the date of

15-42 payment of the tax.

16-1 5. The commission on economic development shall adopt

16-2 regulations governing the determination made pursuant to

16-3 subsection 3 of a proposed business’s eligibility for the exemption

16-4 provided in this section.

16-5 6. The Nevada tax commission:

16-6 (a) Shall adopt regulations governing the investments that

16-7 qualify for the purposes of the required capital investment pursuant

16-8 to subparagraph (2) of paragraph (a) or (b) of subsection 2.

16-9 (b) May adopt such other regulations as are necessary to carry

16-10 out the provisions of this section.

16-11 Section 39 of Senate Bill No. 362 of this session:

16-12 Sec. 39. 374.357 1. A person who maintains a business or

16-13 intends to locate a business in this state may apply to the

16-14 commission on economic development for an abatement from the

16-15 taxes imposed by this chapter on the gross receipts from the sale,

16-16 and the storage, use or other consumption, of eligible machinery or

16-17 equipment for use by a business which has been approved for an

16-18 abatement pursuant to subsection 2.

16-19 2. The commission on economic development may approve an

16-20 application for an abatement if:

16-21 (a) The goals of the business are consistent with the goals of the

16-22 commission concerning industrial development and diversification;

16-23 (b) The commission determines that the abatement is a

16-24 significant factor in the decision of the applicant to locate or expand

16-25 a business in this state;

16-26 (c) The average hourly wage paid by the business to its

16-27 employees in this state is at least equal to the average statewide

16-28 industrial hourly wage as established by the employment security

16-29 division of the department of employment, training and

16-30 rehabilitation on July 1 of each fiscal year;

16-31 (d) The business provides a health insurance plan for its

16-32 employees that includes an option for health insurance coverage for

16-33 dependents of employees;

16-34 (e) The business is registered pursuant to the laws of this state or

16-35 the applicant commits to obtain a valid business license and all

16-36 other permits required by the county, city or town in which the

16-37 business operates;

16-38 (f) The business will provide at least 10 full-time, permanent

16-39 jobs in Nevada by the fourth quarter that it is in operation; and

16-40 (g) The applicant commits to maintaining his business in this

16-41 state for at least 5 years.

17-1 3. An applicant shall, upon the request of the executive director

17-2 of the commission on economic development, furnish to the director

17-3 copies of all records necessary for the director to verify that the

17-4 applicant meets the requirement of paragraph (c) of subsection 2.

17-5 4. The commission on economic development may approve an

17-6 application for an abatement which does not meet the requirements

17-7 of subsection 2 if the commission determines that such an approval

17-8 is warranted.

17-9 5. If an application for an abatement is approved, the taxpayer

17-10 is eligible for an abatement from the tax imposed by this chapter for

17-11 2 years.

17-12 6. If an application for an abatement is approved, the

17-13 commission on economic development shall immediately forward a

17-14 certificate of eligibility for the abatement to the Nevada tax

17-15 commission.

17-16 7. If a business for which an abatement has been approved is

17-17 not maintained in this state for at least 5 years after the commission

17-18 on economic development approved the abatement, the person who

17-19 applied for the abatement shall repay to the department the amount

17-20 of the abatement that was allowed pursuant to this section before the

17-21 failure of the business to comply unless the Nevada tax commission

17-22 determines that the business has substantially complied with the

17-23 requirements of this section. [The] Except as otherwise provided in

17-24 NRS 360.320 and section 2 of this act, the person who applied for

17-25 the abatement shall pay interest on the amount due at the rate most

17-26 recently established pursuant to NRS 99.040 for each month, or

17-27 portion thereof, from the last day of the month following the period

17-28 for which the payment would have been made had the abatement

17-29 not been granted until the date of the actual payment of the tax.

17-30 8. The commission on economic development shall adopt

17-31 regulations which it considers necessary to carry out the provisions

17-32 of this section.

17-33 9. As used in this section, unless the context otherwise requires,

17-34 "eligible machinery or equipment" means machinery or equipment

17-35 for which a deduction is authorized pursuant to 26 U.S.C. § 179.

17-36 The term does not include:

17-37 (a) Buildings or the structural components of buildings;

17-38 (b) Equipment used by a public utility;

17-39 (c) Equipment used for medical treatment;

17-40 (d) Machinery or equipment used in mining; or

17-41 (e) Machinery or equipment used in gaming.