2017 Nevada Revised Statutes
Chapter 278C - Tax Increment Areas
NRS 278C.157 - Creation for purpose of certain rail projects or natural resources project; provisions for allocation of proceeds of certain taxes or issuance of certain securities; approval by Interim Finance Committee. [Effective July 1, 2036.]
1. A municipality may adopt an ordinance ordering an undertaking and creating the tax increment area and the tax increment account pertaining thereto pursuant to NRS 278C.220 which includes provisions for:
(a) The allocation of the proceeds of any tax on the sale or use of tangible personal property to the tax increment account of the proposed tax increment area pursuant to paragraph (b) of subsection 1 of NRS 278C.250;
(b) The allocation of the proceeds of any tax imposed pursuant to NRS 363A.130 and 363B.110 to the tax increment account of the proposed tax increment area pursuant to paragraph (c) of subsection 1 of NRS 278C.250; or
(c) The issuance of municipal securities and revenue securities described in paragraph (f) of subsection 1 of NRS 278C.280,
↪ only for an undertaking that is a rail project in relation to a qualified project or a natural resources project, and only after approval by the Interim Finance Committee of a written request submitted by the municipality.
2. The Interim Finance Committee may approve a request submitted pursuant to this section only if the Interim Finance Committee determines that approval of the request:
(a) Will not impede the ability of the Legislature to carry out its duty to provide for an annual tax sufficient to defray the estimated expenses of the State for each fiscal year as set forth in Article 9, Section 2 of the Nevada Constitution; and
(b) Will not threaten the protection and preservation of the property and natural resources of the State of Nevada.
3. A request submitted pursuant to this section must include any information required by the Interim Finance Committee.
4. As used in this section, “qualified project” has the meaning ascribed to it in the former provisions of NRS 360.888 as those provisions existed on June 30, 2032, or the former provisions of NRS 360.940 as those provisions existed on June 30, 2036.
(Added to NRS by 2015, 3198; A 2015, 29th Special Session, 44, effective July 1, 2036)