2001 REGULAR SESSION (71st)                                                                            A AB433 702

Amendment No. 702

 

Senate Amendment to Assembly Bill No. 433                                                                   (BDR 32‑1140)

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 the bill as a whole by adding a new section designated sec. 1.5, following section 1, to read as follows:

     “Sec. 1.5.  NRS 361.082 is hereby amended to read as follows:

     361.082  1.  [Real] That portion of real property and tangible personal property which is used for housing and related facilities for persons with low incomes [are] is exempt from taxation if the portion of property qualifies as a low-income unit and is part of a qualified low-income housing project that is funded in part by federal money appropriated pursuant to 42 U.S.C. §§ 12701 et seq. for the year in which the exemption applies.

     2.  The portion of a qualified low-income housing project that is entitled to the property tax exemption pursuant to subsection 1 must be determined by dividing the total assessed value of the housing project and the land upon which it is situated into the assessed value of the low-income units and related facilities that are occupied or used exclusively by persons with low incomes.

     3.  The Nevada tax commission shall, by regulation, prescribe a form for an application for the exemption described in subsection 1.

     4.  As used in this section, the terms “low-income unit” and “qualified low-income housing project” have the meanings ascribed to them in 26 U.S.C. § 42 . [, as it existed on July 1, 1991.]”.

     Amend the title of the bill, third line, after “use;” by inserting:

“clarifying the exemption from taxation of certain property used for housing and related facilities by persons with low incomes;”.