Nevada Administrative Code
Chapter 360 - Revenue and Taxation: Generally
Section 360.Sec. 3 - NEW

Universal Citation: NV Admin Code 360.Sec. 3

Current through September 16, 2024

1. If any tangible personal property is acquired by a production company as an asset, the provisions of this section apply to the calculation of the costs of the tangible personal property that constitute a qualified direct production expenditure.

2. If the tangible personal property is destroyed as part of the qualified production, the cost of the tangible personal property that constitutes a qualified direct production expenditure is the purchase price of the tangible personal property. The production company must submit to the Office satisfactory proof of the purchase price and that the tangible personal property is destroyed as part of the qualified production.

3. If, after production of the qualified production, the production company donates the tangible personal property or otherwise gives away the tangible personal property, the cost of the tangible personal property that constitutes a qualified direct production expenditure is:

(a) If the purchase price of the tangible personal property is $10,000 or more, 50 percent of the purchase price.

(b) If the purchase price of the tangible personal property is less than $10,000, the purchase price.

The production company must submit to the Office satisfactory proof of the purchase price and that the production company donates or otherwise gives away the tangible personal property.

4. If, after production of the qualified production, the production company sells the tangible personal property, the cost of the tangible personal property that constitutes a qualified direct production expenditure is:

(a) If the purchase price of the tangible personal property is $10,000 or more, the lesser of 50 percent of the purchase price or the purchase price less the amount for which the production company sold the tangible personal property.

(b) If the purchase price of the tangible personal property is less than $10,000, the purchase price less the amount for which the production company sold the tangible personal property.

The production company must submit to the Office satisfactory proof of the purchase price and the amount for which the production company sold the tangible personal property.

5. If, after production of the qualified production, the production company keeps the tangible personal property, the cost of the tangible personal property that constitutes a qualified direct production expenditure is:

(a) If the purchase price of the tangible personal property is $10,000 or more, 50 percent of the purchase price.

(b) If the purchase price of the tangible personal property is less than $10,000, the purchase price.

The production company must submit to the Office satisfactory proof of the purchase price.

Added to NAC by Tax Comm'n by R062-22A, eff. 2/13/2023

NRS 360.759, 360.7591

Disclaimer: These regulations may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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