AB 178 — Provides for transferable tax credits for the rehabilitation of historic buildings. (BDR 32-297)

and - *AB178_R1* – 4 – (b) Calculate the estimated amount of the transferable tax credits pursuant to section 8 of this act.

(b) Provide proof satisfactory to the Office that the rehabilitation of the qualified historic building is a qualified historicrehabilitation; building;

(c) Provide proof satisfactory to the OfficeDepartment that the rehabilitationapplicant has incurred eligible costs and expenses of the$20,000 qualifiedor historicmore buildingin isundertaking athe qualified rehabilitation;

(d) Provide proof satisfactory to the Office that the applicant undertaking the qualified rehabilitation;of $20,000 or more in (e) Not later than 90 days after the date on which the qualified historic building was first placed in service after the qualified rehabilitation, provide the OfficeDepartment withwith: an itemized report of eligible costs and expenses incurred by the applicant and documentation to establish the amount of the eligible costs and expenses incurred by the applicant;

and(1) (f)A Meetcertificate anyissued otherby requirementsthe prescribedOffice bythat regulationthe pursuantrehabilitation toof thisthe section.qualified historic building is a qualified rehabilitation;

4.and (2) An itemized report of eligible costs and expenses incurred by the applicant and documentation to establish the amount of the eligible costs and expenses incurred by the applicant;

An(e) applicationNot submittedhave pursuantbeen toissued subsectiontwo 3or mustmore contain:certificates of transferable tax credits during the 2 years immediately preceding the(f) Meet any other requirements prescribed by regulation pursuant to this section.

contain:An application submitted pursuant to subsection 3 must (a) The name of the applicant;

and - *AB178* – 4 – (e) Any other information required by regulations adopted by the Office pursuant to subsectionsubsections 8.8 and 9.

If the OfficeDepartment approves an application for a certificate of eligibility for transferable tax credits pursuant to this section, the OfficeDepartment shall immediately forward a copy of the certificate of eligibility which identifies the estimated amount of the tax credits available pursuant to section 8 of this act, to:

and (b) The Department;Nevada Gaming Control Board.

and (c) The Nevada Gaming Control Board.

Within 60 business days after receipt of the certification and the report and documentation provided pursuant to paragraph (e)- *AB178_R1* – 5 – (d) of subsection 3 and any other accountings or other information required by the Office,Department, the OfficeDepartment shall make a final determination of whether a certificate of transferable tax credits will be issued.

If the OfficeDepartment determines that all other requirements for the transferable tax credits have been met, the OfficeDepartment shall notify the applicant that the transferable tax credits will be issued.

Upon receipt of the declaration, the OfficeDepartment shall issue to the applicant a certificate of transferable tax credits in the amount approved by the OfficeDepartment for the fees or taxes included in the declaration of the applicant.

The applicant shall notify the OfficeDepartment upon transferring Departmentany and the Nevada Gaming Control Board of all notify the transferable tax creditscredits. issued, segregated by each fee or tax set forth in subsection 1, the amount of any transferable tax credits transferred and the person or entity to whom the tax credits were transferred.

The Department shall notify the Nevada Gaming Control Board of all transferable tax credits issued, segregated by each fee or tax set forth in subsection 1, the amount of any transferable tax credits transferred and the person or entity to whom the tax credits were transferred.

An applicant for transferable tax credits pursuant to this section shall, upon request ofof: the Administrator of the Office, furnish the Administrator with copies of all records necessary to verify that the applicant meets the requirements of subsection 3.

(a) The Administrator of the Office, furnish the Administrator which the applicant will undertake a qualified rehabilitation is aor qualified historic building and the rehabilitation of the qualified his(b) The Department, furnish the Department with copies of all records necessary to verify that the applicant meets the requirements of subsection 3.

(a) Shall adopt regulations prescribing any information that must be provided to the Office to enable the Office to determine whether the building for which the applicant will undertake a qualified rehabilitation is a qualified historic building and the rehabilitation of the qualified historic building is a qualified rehabilitation;

and (b) May adopt any other regulations that are necessary to carry out the provisions of sections 2 to 12, inclusive, of this act.

9.

The Nevada Tax Commission:

- *AB178_R1* – 6 – (3) The application review process;

and - *AB178* – 5 – (b) May adopt any other regulations that are necessary to carry out the provisions of sections 2 to 12, inclusive, of this act.

9.10.

Except as otherwise provided in subsectionthis 2section and section 9 of this act, the amount of transferable tax credits issued to a person who applies for a transferable tax credit pursuant to section 7 of this act must equal 20 percent of the eligible costs and expenses incurred by the person for a qualified rehabilitation but must not exceed $3,000,000$1,000,000 per qualified rehabilitation.

TheExcept Officeas may:otherwise provided in this section and section 9 of this act, the amount of transferable tax credits issued to a person who applies for a transferable tax credit pursuant to section 7 of this act and who undertakes a qualified rehabilitation of a qualified historic building that provides affordable housing must equal 30 percent of the eligible costs and expenses incurred $1,000,000 per qualified rehabilitation.tion but must not exceed 3.

Except as otherwise provided in this section and section 9 person who applies for a transferrable tax credit pursuant to a section 7 of this act and who undertakes a qualified rehabilitation of a qualified historic building that is part of a local Main Street program designated by the Nevada Main Street Program pursuant to NRS 231.1534 or is part of a community which is recognized as a Certified Local Government pursuant to the Certified Local Government Program jointly administered by the National Park Service and the Office of Historic Preservation of the State Department of Conservation and Natural Resources must equal 25 percent of the eligible costs and expenses incurred by the person for a qualified rehabilitation but must not exceed $1,000,000 per qualified rehabilitation.

4.

The Department shall not approve any application for transferrable tax credits submitted pursuant to section 7 of this act if approval of the application would cause the total amount of transferable tax credits approved pursuant to section 7 of this act for each fiscal year to exceed the sum of $10,000,000.

Any portion of the $10,000,000 per fiscal year for which transferable tax - *AB178_R1* – 7 – credits have not previously been approved may be carried forward and made available for approval during the next or any future fiscal year, in addition to the $10,000,000 for that fiscal year.

5.

The Department may:

transferableSec. tax credits pursuant to section 7 of this act, the Office shall, not later than 10 days before a hearing on the application, provide notice of the hearing to:

10.

1.

If the Department receives an application for transferable tax credits pursuant to section 7 of this act, the Department shall, not later than 10 days before a hearing on the application, provide notice of the hearing to:

(b) The Department;Office;

The notice required by this section must set forth the date, timethe andhearing locationmust ofbe not later than 60 days after the hearingDepartmentf onreceives the completed application.

The date of the hearing must be not later than 6030 days after the Officeconclusion receivesof the completedhearing on the application.

3.

The Office shall issue a decision on the application not later than 30 days after the conclusion of the hearing on the application.

The OfficeDepartment may extend by not more than 90 days the period otherwise prescribed by this subsection.

- *AB178* – 6 – 5.

An applicant that undertakes a qualified rehabilitation shall submit the report and documentation required by section 7 of this act and all other required information to the Office andor the DepartmentDepartment, as applicable, within the time required by paragraph (e)(d) of subsection 3 of section 7 of this act.

- *AB178_R1* – 8 – 6.

The OfficeDepartment shall give priority to the approval and processing of an application relating to a qualified rehabilitation that promotes tourism in the State of Nevada.

year,Sec. prepare and submit to the Governor and to the Director of the Legislative Counsel Bureau for transmittal to the Legislature an annual report which includes, for the immediately preceding fiscal year:

12.

The Department shall, on or before October 1 of each year, prepare and submit to the Governor and to the Director of the Legislative Counsel Bureau for transmittal to the Legislature an annual report which includes, for the immediately preceding fiscal year:

2.transferable tax credits were approved;itations for which 3.

The number of qualified rehabilitations for which transferable tax credits were approved;

3.

4.

The amount of transferable tax credits used;

- *AB178* – 7 – 8.

The number of persons in Nevada employed by each qualified rehabilitation and the amount of wages paid to those persons;

andhabilitation and the amount of wages paid to those 9.

This act becomes effective upon passage and approval for the purpose of adopting regulations and performing any other preparatory- administrative*AB178_R1* tasks– that9 are– necessary to carry out the provisions of this act and on July 1, 2019, for all other purposes.purposes.e H - *AB178_R1*

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