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 361.068 is hereby amended to read as follows:

1-2 361.068 1. The following personal property is exempt from taxation:

1-3 (a) Personal property held for sale by a merchant;

1-4 (b) Personal property held for sale by a manufacturer;

1-5 (c) Raw materials and components held by a manufacturer for

1-6 manufacture into products, and supplies to be consumed in the process of

1-7 manufacture;

1-8 (d) Tangible personal property purchased by a business which will be

1-9 consumed during the operation of the business;

1-10 (e) Livestock;

1-11 (f) Colonies of bees;

1-12 (g) Pipe and other agricultural equipment used to convey water for the

1-13 irrigation of legal crops;

1-14 (h) All boats;

1-15 (i) Slide-in campers and camper shells; and

1-16 (j) [Fine art for public display; and

1-17 (k)] Computers and related equipment donated for use in schools in this

1-18 state.

2-1 2. The Nevada tax commission may exempt from taxation that personal

2-2 collecting those taxes. If such an exemption is provided, the Nevada tax

2-3 property taxes in this state which must be used in determining the

2-4 applicability of the exemption.

3. [A person claiming the exemption provided for in paragraph (j) of

2-5 subsection 1 shall, on or before June 15 for the next ensuing fiscal year, file

2-6 (a) Was purchased in an arm’s length transaction for $25,000 or more,

2-7 or has an appraised value of $25,000 or more;

2-8 or other building or area in this state for at least 20 hours per week during

2-9 (c) Will be available for educational purposes.

2-10 4.] To qualify for the exemption provided in paragraph [(k)] (j) of

2-11 organization, not for profit, that accepts such property for use in schools in

2-12 each item of property donated. To obtain the benefit of the exemption, the

2-13 taxpayer must apply to the county assessor and tender the voucher. The

2-14 year in which the donation was made using the original cost and the year of

2-15 the personal property assessment for the year following the donation.

2-16 [5.] 4. As used in this section [:

(a) "Boat"] , "boat" includes any vessel or other watercraft, other than a

2-17 seaplane, used or capable of being used as a means of transportation on the

2-18 [(b) "Fine art for public display" means a work of art which:

2-19 (1) Is an original painting in oil, mineral, water colors, vitreous

2-20 original sculpture of clay, textiles, fiber, wood, metal, plastic, glass or a

2-21 (2) Was purchased in an arm’s length transaction for $25,000 or

2-22 more, or has an appraised value of $25,000 or more;

2-23 other building or area in this state for at least 20 hours per week during at

2-24 (4) Is available for educational purposes.]

2-25 Sec. 2. NRS 361.068 is hereby amended to read as follows:

2-26 (a) Personal property held for sale by a merchant;

2-27 (b) Personal property held for sale by a manufacturer;

2-28 (c) Raw materials and components held by a manufacturer for

2-29 manufacture;

2-30 consumed during the operation of the business;

2-31 (e) Livestock;

2-32 (g) Pipe and other agricultural equipment used to convey water for the

2-33 (h) All boats; and

2-34 (i) Slide-in campers and camper shells . [; and

2-35 2. The Nevada tax commission may exempt from taxation that personal

2-36 collecting those taxes. If such an exemption is provided, the Nevada tax

2-37 commission shall annually determine the average cost of collecting

2-38 applicability of the exemption.

3. [A person claiming the exemption provided for in paragraph (j) of

2-39 subsection 1 shall, on or before June 15 for the next ensuing fiscal year, file

2-40 with the county assessor an affidavit declaring that the fine art:

2-41 or has an appraised value of $25,000 or more;

2-42 or other building or area in this state for at least 20 hours per week during

2-43 at least 35 weeks of the year for which the exemption is claimed; and

2-44 4.] As used in this section [:

(a) "Boat"] , "boat" includes any vessel or other watercraft, other than a

2-45 seaplane, used or capable of being used as a means of transportation on the

2-46 water.

[(b) "Fine art for public display" means a work of art which:

2-47 (1) Is an original painting in oil, mineral, water colors, vitreous

2-48 original sculpture of clay, textiles, fiber, wood, metal, plastic, glass or a

2-49 similar material, an original work of mixed media or a lithograph;

2-50 more, or has an appraised value of $25,000 or more;

2-51 other building or area in this state for at least 20 hours per week during at

2-52 least 35 weeks of each year for which the exemption is claimed; and

3-1 Sec. 4. 1. This section and sections 1 and 3 of this act become

3-2 effective on July 1, 1999.

3-3 3. Section 1 expires by limitation on July 1, 2003.

3-4 TEXT OF REPEALED SECTION

3-5 374.291 Works of fine art for public display.