Nevada Administrative Code
Chapter 360 - Revenue and Taxation: Generally
TRANSFERABLE TAX CREDITS FOR AFFORDABLE HOUSING
Section 360.894 - Application of transferable tax credits to amount of taxes due: Offset; information on quarterly tax return; limitation
Universal Citation: NV Admin Code 360.894
Current through September 16, 2024
1. A holder of transferable tax credits who is applying such credits to an amount of taxes due pursuant to chapter 363A, 363B or 680B of NRS shall offset the amount of such taxes due to the extent of the amount of the transferable tax credits. The holder shall include with his or her quarterly tax return a form prescribed by the Department that specifies:
(a) Each
type of tax to which the transferable tax credits will be applied; and
(b) The amount of transferable tax
credits that will be applied to the taxes due for each type of tax specified in
paragraph (a).
2. The amount of transferable tax credits claimed in a single tax return must not exceed the amount of tax due for that return.
Added to NAC by Tax Comm'n by R074-20, eff. 4/11/2022
NRS 360.090, 360.867
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