Nevada 2019 Regular Session Status: Enacted Bipartisan · 1 D · 1 R cosponsors

SB 410 — Revises provisions relating to incentives for economic development. (BDR 32-881)

Last action — Approved by the Governor. Chapter 416.

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed Assembly
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced March 21, 2019. Enacted.

Prognosis

Likely to advance 78% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 12 sponsors

    12 primary, 0 co-sponsors signed on.

  • Bipartisan support

    Sponsored across 2 parties (1 D · 1 R) — cross-party backing.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

AN ACT relating to taxation; revising provisions governing the issuance of transferable tax credits for certain projects that will make a capital investment in this State of at least $1 billion and satisfy certain other criteria; and providing other matters properly relating thereto.

Bill Text

What changed in the latest version

382 added · 399 removed

382 line(s) added, 399 removed.

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(Reprinted with amendments adopted on May 23, 2019) FIRST REPRINT S.B.
Senate Bill No.
410 S ENATE B ILL N O.
410–Senators Kieckhefer, Hansen, Hammond, Pickard, Ratti;
410–S ENATORS K IECKHEFER , H ANSEN , H AMMOND , P ICKARD , R ATTI;
Goicoechea, Hardy, Seevers Gansert and Settelmeyer Joint Sponsors:
G OICOECHEA , H ARDY , SEEVERS GANSERT AND SETTELMEYER M ARCH 21, 2019 ____________ JOINT SPONSORS :
Assemblymen Benitez-Thompson, Kramer;
SSEMBLYMEN BENITEZ -THOMPSON , K RAMER ;AND N EAL ____________ Referred to Committee on Revenue and Economic Development SUMMARY—Revises provisions relating to incentives for economic development.
and Neal CHAPTER..........
(BDR 32-881) FISCAL NOTE:
Effect on Local Government:
No.
Effect on the State:
No.
~ EXPLANATION – Matter in bolded italics is new;
matter between brackets [omitted material] is material to be omitted.
and (3) satisfies certain criteria, including, without limitation, a requirement that the participants in the project agree to make a total new capital investment in this State the application.
and (3) satisfies certain criteria, including, without limitation, a requirement that the of at least $1 billion during the 10-year period immediately following approval oftate the application.
(NRS 360.889) Under existing law, the Office is authorized tol of approve for the project:
(NRS 360.889) Under existing law, the Office is authorized to approve for the project:
and (2) a total amount of transferable tax credits of not more than $38,000,000.
and (2) a total amount of transferable tax credits of not more than for the issuance of these transferable tax credits by requiring approval of theent Interim Finance Committee before the tax credits may be issued.
(NRS 360.892) Section 1.3 of this bill adds an additional requirement for the issuance of these transferable tax credits by requiring approval of the and 1.7 of this bill make conforming changes.its may be issued.
Sections 1, 1.5 and 1.7 of this bill make conforming changes.
Sections 1, 1.5 - *SB410_R1* – 2 – THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
EXPLANATION – Matter in bolded italics is new;
matter between brackets [omitted material] is material to be omitted.
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
(1) Any tax imposed by chapters 363A and 363B of NRS;
- 80th Session (2019) – 2 – (1) Any tax imposed by chapters 363A and 363B of NRS;
2.
described in paragraph (a) of subsection 1 and the partial abatements of the taxes described in paragraph (b) of subsection 1, the lead participant in the project must, on behalf of the project:
For a project to be eligible for the transferable tax credits described in paragraph (a) of subsection 1 and the partial abatement of the taxes described in paragraph (b) of subsection 1, the lead participant in the project must, on behalf of the project:
(e) Provide documentation satisfactory to the Office that the place of business of each participant is or will be located within the geographic boundaries of the project site or sites;
(e) Provide documentation satisfactory to the Office that the place of business of each participant is or will be located within the geo(f) Provide documentation satisfactory to the Office that each participant in the project is registered pursuant to the laws of this State or commits to obtaining a valid business license and all other permits required by the county, city or town in which the project operates;
(f) Provide documentation satisfactory to the Office that each participant in the project is registered pursuant to the laws of this - *SB410_R1* – 3 – State or commits to obtaining a valid business license and all other permits required by the county, city or town in which the project operates;
(i) Provide documentation satisfactory to the Office that each employer engaged in the construction of the project provides a plan of health insurance and that each employee engaged in the construction of the project is offered coverage under the plan of health insurance provided by his or her employer;
(i) Provide documentation satisfactory to the Office that each employer engaged in the construction of the project provides a plan of health insurance and that each employee engaged in the - 80th Session (2019) – 3 – construction of the project is offered coverage under the plan of health insurance provided by his or her employer;
(k) Provide documentation satisfactory to the Office that at least 50 percent of the employees engaged in construction of the project and 50 percent of the employees employed at the project are residents of Nevada, unless waived by the Executive Director of the Office upon proof satisfactory to the Executive Director of the available and qualified for such employment;of Nevada residents (l) Agree to provide the Office with a full compliance audit of the pa(1) Shows the amount of money invested in this State byr which:
(k) Provide documentation satisfactory to the Office that at least percent of the employees engaged in construction of the project residents of Nevada, unless waived by the Executive Director of the Office upon proof satisfactory to the Executive Director of the Office that there is an insufficient number of Nevada residents available and qualified for such employment;
each participant in the project;
(l) Agree to provide the Office with a full compliance audit of the participants in the project at the end of each fiscal year which:
(1) Shows the amount of money invested in this State by each participant in the project;
(1) Requires the lead participant to pay the cost of any engineering or design work necessary to determine the cost of infrastructure improvements required to be made by the governing body pursuant to an economic development financing proposal approved pursuant to NRS 360.990;
engineering or design work necessary to determine the cost ofny infrastructure improvements required to be made by the governing body pursuant to an economic development financing proposal approved pursuant to NRS 360.990;
and - *SB410_R1* – 4 – (2) Requires the lead participant to seek reimbursement for any costs paid by the lead participant pursuant to subparagraph (1) from the proceeds of bonds issued pursuant to NRS 360.991;
and (2) Requires the lead participant to seek reimbursement for any costs paid by the lead participant pursuant to subparagraph (1) from the proceeds of bonds issued pursuant to NRS 360.991;
In addition to meeting the requirements set forth in subsection 2, for a project located on more than one site in this State to be eligible for the partial abatement of the taxes described in paragraph (b) of subsection 1, the lead participant must, on behalf of the project, submit an application that meets the requirements of subsection [4] 5 on or before June 30, 2019, and provide documentation satisfactory to the Office that:
In addition to meeting the requirements set forth in subsection 2, for a project located on more than one site in this State to be eligible for the partial abatement of the taxes described in paragraph (b) of subsection 1, the lead participant must, on behalf of the project, submit an application that meets the requirements of - 80th Session (2019) – 4 – subsection [4] 5 on or before June 30, 2019, and provide documentation satisfactory to the Office that:
(b) Each participant in the project must be a subsidiary or affiliate of the lead participant;
affiliate of the lead participant;
and (c) Each participant offers primary jobs and:
and must be a subsidiary or (c) Each participant offers primary jobs and:
(1) Except as otherwise provided in subparagraph (2), satisfies the requirements of paragraph (f) or (g) of subsection 2 of or an existing business;
(1) Except as otherwise provided in subparagraph (2), satisfies the requirements of paragraph (f) or (g) of subsection 2 of NRS 360.750, regardless of whether the business is a new business or an existing business;
andhether the business is a new business (2) If a participant owns, operates, manufactures, services, any component of an aircraft, that the participant satisfies the applicable requirements of paragraph (f) or (g) of subsection 2 of NRS 360.753.
and (2) If a participant owns, operates, manufactures, services, maintains, tests, repairs, overhauls or assembles an aircraft or any component of an aircraft, that the participant satisfies the applicable requirements of paragraph (f) or (g) of subsection 2 of NRS 360.753.
In addition to meeting the requirements set forth in subsection 2, a project is eligible for the transferable tax credits described in paragraph (a) of subsection 1 only if the Interim Finance Committee approves a written request for the issuance of the transferable tax credits.
In addition to meeting the requirements set forth in subsection 2, a project is eligible for the transferable tax credits Finance Committee approves a written request for the issuance of the transferable tax credits.
The Interim Finance Committee may approve a request submitted - *SB410_R1* – 5 – pursuant to this subsection only if the Interim Finance Committee determines that approval of the request:
The Interim Finance Committee may approve a request submitted pursuant to this subsection only if the Interim Finance Committee determines that approval of the request:
and (b) Will promote the economic development of this State and aid the implementation of the State Plan for Economic Development developed by the Executive Director of the Office pursuant to subsection 2 of NRS 231.053;
and (b) Will promote the economic development of this State and aid the implementation of the State Plan for Economic - 80th Session (2019) – 5 – Development developed by the Executive Director of the Office pursuant to subsection 2 of NRS 231.053;
(b) A detailed description of the location of the project, including a precise description of the geographic boundaries of the project site or sites;
(b) A detailed description of the location of the project, including a precise description of the geographic boundaries of the pro(c) The name and business address of each participant in the project, which must be an address in this State;
(c) The name and business address of each participant in the project, which must be an address in this State;
(d) A detailed description of the plan by which the participants in the project intend to comply with the requirement that the participants collectively make a total new capital investment of at least $1 billion in this State in the 10-year period immediately following approval of the application;
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(d) A detailed description of the plan by which the participants in the project intend to comply with the requirement that the participants collectively make a total new capital investment of at following approval of the application;10-year period immediately (e) If the application includes one or more partial abatements, an project which:uted by the Office with the lead participant in the (1) Complies with the requirements of NRS 360.755;
(e) If the application includes one or more partial abatements, an agreement executed by the Office with the lead participant in the project which:
(1) Complies with the requirements of NRS 360.755;
and (4) Binds successors in interest of the lead participant for the specified period;
and specified period;
and (f) Any other information required by the Office.
andessors in interest of the lead participant for the (f) Any other information required by the Office.
- *SB410_R1* – 6 – (1) Current and valid Nevada driver’s license of the employee originally issued by the Department of Motor Vehicles more than 60 days before the hiring of the employee or a current and valid identification card for the employee originally issued by the Department of Motor Vehicles more than 60 days before the hiring of the employee;
(1) Current and valid Nevada driver’s license of the employee originally issued by the Department of Motor Vehicles more than 60 days before the hiring of the employee or a current and valid identification card for the employee originally issued by the Department of Motor Vehicles more than 60 days before the hiring of the employee;
or (2) If the employee is a veteran of the Armed Forces of the United States, a current and valid Nevada driver’s license of the employee or a current and valid identification card for the employee issued by the Department of Motor Vehicles;
or - 80th Session (2019) – 6 – (2) If the employee is a veteran of the Armed Forces of the United States, a current and valid Nevada driver’s license of the employee or a current and valid identification card for the employee issued by the Department of Motor Vehicles;
and (d) Proof that the employee is offered coverage under a plan of health insurance provided by his or her employer.
and health insurance provided by his or her employer.e under a plan of [6.] 7.
[6.] 7.
For the purpose of obtaining from the Executive Director of the Office any waiver of the requirement set forth in paragraph (k) of subsection 2, the lead participant in the project must submit to the Executive Director of the Office written documentation of the efforts to meet the requirement and documented proof that an insufficient number of Nevada residents is available and qualified for employment.
For the purpose of obtaining from the Executive Director of the Office any waiver of the requirement set forth in paragraph (k) of subsection 2, the lead participant in the project must submit to the Executive Director of the Office written documentation of the efforts to meet the requirement and documented proof that an insufficient number of Nevada residents is ava[7.] 8.
[7.] 8.
paragraph (k) of subsection 2;
(a) Any request for a waiver of the requirements set forth in paragraph (k) of subsection 2;
and the requirements set forth in (b) Any approval of such a request for a waiver that is granted by the Executive Director of the Office.
and (b) Any approval of such a request for a waiver that is granted by the Executive Director of the Office.
The Executive Director of the Office shall ensure that the Internet website allows members of the public to post comments regarding the request.
The Executive Director of the public to post comments regarding the request.allows members of [9.] 10.
[9.] 10.
If the Executive Director of the Office approves the request for a waiver, the Executive Director of the Office must post the approval on the Internet website of the Office within 3 days and - *SB410_R1* – 7 – ensure that the Internet website allows members of the public to post comments regarding the approval.
If the Executive Director of the Office approves the request for a waiver, the Executive Director of the Office must post the approval on the Internet website of the Office within 3 days and ensure that the Internet website allows members of the public to post comments regarding the approval.
(a) Shall not consider the application unless the Office has requested a letter of acknowledgment of the request for a partial abatement from any county, school district, city or town which the Office determines may experience a direct economic effect as a result of the partial abatement.
- 80th Session (2019) – 7 – (a) Shall not consider the application unless the Office has requested a letter of acknowledgment of the request for a partial abatement from any county, school district, city or town which the Office determines may experience a direct economic effect as a result of the partial abatement.
(c) Shall, at least 30 days before any public meeting conducted for the purpose of taking any action on the application, provide notice of the application and the date, time and location of the public meeting at which the Office will consider the application to:
(c) Shall, at least 30 days before any public meeting conducted for the purpose of taking any action on the application, provide meeting at which the Office will consider the application to:the public (1) Each participant in the project;
(1) Each participant in the project;
(5) The governing body of any other political subdivision as a result of the abatement;
(5) The governing body of any other political subdivision that the Office determines could experience a direct economic effect as a result of the abatement;
andexperience a direct economic effect (6) The general public.
and (6) The general public.
submitted pursuant to NRS 360.889 must be not later than 60 days after the date on which the Office receives the completed application.
2.
The date of the public meeting to consider an application submitted pursuant to NRS 360.889 must be not later than 60 days after the date on which the Office receives the completed application.
The Office shall issue a decision on the application not later than 30 days after the conclusion of the public meeting on the application.
The Office shall issue a decision on the application not later than 30 days after the conclusion of the public meeting on the decision approving an application submitted pursuant to NRS a 360.889 in which the lead participant applies for a certificate of eligibility for the transferable tax credits described in paragraph (a) of subsection 1 of NRS 360.889, the Office must submit a written request to the Interim Finance Committee for approval of the issuance of the transferable tax credits.
Not later than 30 days after the Office issues a decision approving an application submitted pursuant to NRS 360.889 in which the lead participant applies for a certificate of eligibility for the transferable tax credits described in paragraph (a) of subsection 1 of NRS 360.889, the Office must submit a written request to the Interim Finance Committee for approval of the issuance of the transferable tax credits.
If the Office or the Department - *SB410_R1* – 8 – determines that information submitted pursuant to this subsection is incomplete, the lead participant shall, not later than 30 days after receiving notice that the information is incomplete, provide to the Office or the Department, as applicable, all additional information required by the Office or the Department.
If the Office or the Department determines that information submitted pursuant to this subsection is incomplete, the lead participant shall, not later than 30 days after receiving notice that the information is incomplete, provide to the - 80th Session (2019) – 8 – Office or the Department, as applicable, all additional information required by the Office or the Department.
and (c) Must not be disclosed to any person who is not an officer or employee of the Office of Economic Development unless the lead participant consents to the disclosure.
and (c) Must not be disclosed to any person who is not an officer or participant consents to the disclosure.lopment unless the lead 6.
6.
Before the Executive Director of the Office discloses the application to the public, the lead participant may submit a request any information in the application which, under generally accepted business practices, would be considered a trade secret or other consulting with the business, the Executive Director of the Office shall determine whether to protect the information from disclosure.
Before the Executive Director of the Office discloses the application to the public, the lead participant may submit a request to the Executive Director of the Office to protect from disclosure any information in the application which, under generally accepted business practices, would be considered a trade secret or other confidential proprietary information of the business.
After consulting with the business, the Executive Director of the Office shall determine whether to protect the information from disclosure.
If the Executive Director of the Office determines to protect the information from disclosure, the protected information:
If the Executive Director of the Office determines to protect the information from disclosure, the protected inf(a) Is confidential proprietary information of the business;
(a) Is confidential proprietary information of the business;
If the Office of Economic Development approves an application for a certificate of eligibility for transferable tax credits submitted pursuant to paragraph (a) of subsection 1 of NRS 360.889 [,] and the Interim Finance Committee approves a written - *SB410_R1* – 9 – request for the issuance of transferable tax credits pursuant to subsection 4 of NRS 360.889, the Office shall immediately forward a copy of the certificate of eligibility which identifies the estimated amount of the tax credits available pursuant to this section to:
If the Office of Economic Development approves an application for a certificate of eligibility for transferable tax credits submitted pursuant to paragraph (a) of subsection 1 of NRS 360.889 [,] and the Interim Finance Committee approves a written request for the issuance of transferable tax credits pursuant to - 80th Session (2019) – 9 – subsection 4 of NRS 360.889, the Office shall immediately forward a copy of the certificate of eligibility which identifies the estimated amount of the tax credits available pursuant to this section to:
Within 14 business days after receipt of an audit provided by the lead participant in the qualified project pursuant to paragraph (l) of subsection 2 of NRS 360.889 and any other accountings or other information required by the Office, the Office shall determine whether to certify the audit and make a final determination of whether a certificate of transferable tax credits will be issued.
Within 14 business days after receipt of an audit provided by the lead participant in the qualified project pursuant to paragraph (l) of subsection 2 of NRS 360.889 and any other accountings or other whether to certify the audit and make a final determination of whether a certificate of transferable tax credits will be issued.
Upon receipt of the declaration, the Office shall issue to the lead participant a Office for the fees or taxes included in the declaration.
Upon receipt of the declaration, the Office shall issue to the lead participant a certificate of transferable tax credits in the amount approved by the Office for the fees or taxes included in the declaration.
The leadthe participant shall notify the Department upon transferring any of the the Nevada Gaming Control Board of all transferable tax creditst and issued, segregated by each fee or tax set forth in subparagraphs (1), (2) and (3) of paragraph (a) of subsection 1 of NRS 360.889.
The lead participant shall notify the Department upon transferring any of the transferable tax credits.
The Department shall notify the Office and the Nevada Gaming Control Board of the amount of any transferable tax credits transferred.
The Office shall notify the Department and the Nevada Gaming Control Board of all transferable tax credits issued, segregated by each fee or tax set forth in subparagraphs (1), (2) and (3) of paragraph (a) of subsection 1 of NRS 360.889.
The Board of the amount of any transferable tax credits transferred.
- *SB410_R1* – 10 – (3) Employed for at least the last 3 consecutive months of the fiscal year.
- 80th Session (2019) – 10 – (3) Employed for at least the last 3 consecutive months of the fiscal year.
3.
(Deleted by amendment.) Sec.
4.
(Deleted by amendment.) Sec.
5.
(Deleted by amendment.) Sec.
6.
(Deleted by amendment.) Sec.
H - *SB410_R1*
~~~~~ 19 - 80th Session (2019)
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Amendments

1 amendment

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Action History

  1. Approved by the Governor. Chapter 416.

  2. Enrolled and delivered to Governor.

  3. Assembly Amendment No. 790 concurred in. To enrollment.

  4. In Senate.

  5. From printer. To engrossment. Engrossed. First reprint. Read third time. Passed, as amended. Title approved, as amended. (Yeas: 39, Nays: None, Excused: 2, Vacant: 1.) To Senate.

  6. From committee: Amend, and do pass as amended. Placed on Second Reading File. Read second time. Amended. (Amend. No. 790.) To printer.

  7. In Assembly. Read first time. Referred to Committee on Taxation. To committee.

  8. Read third time. Passed. Title approved. (Yeas: 19, Nays: 2.) To Assembly.

  9. From committee: Do pass. Placed on Second Reading File. Read second time.

  10. From printer. To committee.

  11. Read first time. Referred to Committee on Revenue and Economic Development. To printer.

Sponsors

Sponsorship breakdown

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12 sponsors · 0 co-sponsors · 55 not signed on

Sponsors (12)

Co-sponsors (0)

None.

Not signed on (55)

55 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation finance
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Frequently asked questions

What does SB 410 do?
AN ACT relating to taxation; revising provisions governing the issuance of transferable tax credits for certain projects that will make a capital investment in this State of at least $1 billion and satisfy certain other criteria; and providing other matters properly relating thereto.
Who sponsors SB 410?
SB 410 is sponsored by Senator Joseph Hardy, Senator Heidi Seevers Gansert, Senator James Settelmeyer, Neal, Dina (Democratic), Hansen, Ira (Republican), Pete Goicoechea, Al Kramer, Teresa Benitez-Thompson, Julia Ratti, Keith Pickard, Scott Hammond, and Ben Kieckhefer.
What is the current status of SB 410?
This bill has been enacted into law. Introduced March 21, 2019. Enacted.
Where can I track SB 410?
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