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. Chapter 360 of NRS is hereby amended by adding thereto a

1-2 new section to read as follows:

1-3 1. If the population and assessed valuation of the taxable property,

1-4 except any assessed valuation attributable to the net proceeds of

1-5 minerals, within a local government or special district has decreased in

1-6 each of the 3 fiscal years immediately preceding the current fiscal year,

1-7 the executive director shall review the amount allocated to the local

1-8 government or special district from the account pursuant to NRS

1-9 360.680, to determine whether to adjust the allocation. The local

1-10 government or special district may submit information to assist the

1-11 executive director in making a determination. If the executive director

1-12 determines that an adjustment to the allocation of the local government

1-13 or special district is necessary, the executive director shall submit his

1-14 findings on the matter to the committee on local government finance.

2-1 2. The committee on local government finance shall review the

2-2 findings submitted by the executive director pursuant to subsection 1. If

2-3 the committee determines that an adjustment to the amount allocated to

2-4 the local government or special district pursuant to NRS 360.680 is

2-5 appropriate, the committee shall submit a recommendation to the Nevada

2-6 tax commission that sets forth the amount of the recommended

2-7 adjustment. If the committee determines that the adjustment is not

2-8 appropriate, that decision is not subject to review by the Nevada tax

2-9 commission.

2-10 3. The Nevada tax commission shall schedule a public hearing

2-11 within 30 days after the committee on local government finance submits

2-12 its recommendation. The Nevada tax commission shall provide public

2-13 notice of the hearing at least 10 days before the date on which the

2-14 hearing will be held. The executive director shall provide copies of all

2-15 documents relevant to the adjustment recommended by the committee on

2-16 local government finance to the governing body of each local

2-17 government and special district that is located in the same county as the

2-18 local government or special district that is subject to the recommended

2-19 adjustment.

2-20 4. If, after the public hearing, the Nevada tax commission

2-21 determines that the recommended adjustment is appropriate, it shall

2-22 order the executive director to adjust the amount allocated to the local

2-23 government or special district pursuant to NRS 360.680.

2-24 Sec. 2. NRS 360.600 is hereby amended to read as follows:

2-25 360.600 As used in NRS 360.600 to 360.740, inclusive, and section 1