Nevada Administrative Code
Chapter 360 - Revenue and Taxation: Generally
PARTIAL ABATEMENT OF CERTAIN TAXES
Abatements for New or Expanded Business
Section 360.475 - Business tax: Date of eligibility; determination of amount of capital investment required; filing of form of compliance with proof of capital investment

Universal Citation: NV Admin Code 360.475

Current through September 16, 2024

1. For the purposes of NRS NRS 360.225, to determine eligibility for a partial abatement of the taxes imposed pursuant to chapter 364A of NRS, a proposed or expanded business which qualifies as an employer pursuant to NRS NRS 612.055 shall be deemed by the Department to have begun operations in this State:

(a) If the business is a proposed business, on the date on which the business first pays wages to an employee of the business who performs services for the business in this State.

(b) If the business is an expanded business, on the date on which the business first pays wages to an employee of the business who was not employed by the business before the expansion.

2. To determine the amount of capital investment required pursuant to paragraph (d), (e) or (f) of subsection 2 of NRS NRS 360.750 for a partial abatement of the taxes imposed pursuant to chapter 364A of NRS:

(a) A capital investment shall be deemed to be any expenditure for an asset that qualifies as "section 1245 property," as defined in 26 U.S.C. § 1245, if the asset will be used by the proposed business to establish its operations in this State or by the expanded business to expand its operations in this State; and

(b) The amount paid for such an asset, including any capitalized interest, shall be deemed to be the amount of the capital investment for that asset. Any finance charge, tax or interest paid for the asset must not be included in the determination of the amount of the capital investment for that asset.

3. A business for which the Commission has approved a partial abatement of the taxes imposed pursuant to chapter 364A of NRS shall, not later than 30 days after the end of the first fourth quarter in which the business has been in operation after the approval of the partial abatement, file with the Department on a form prescribed by the Department, a statement that the business has complied with the requirements of NRS NRS 360.750. The form must be accompanied by proof that the business has made the capital investment required by the Commission pursuant to NRS NRS 360.750.

Added to NAC by Tax Comm'n by R109-01, eff. 5-13-2002

NRS 360.750, 364A.170

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