SB 423 — Requires the Department of Taxation to retain a commission as compensation for the costs of collecting taxes on certain centrally assessed property. (BDR 32-1078)

EXEMPTSenate S.B.Bill No.

423423–Committee SENATEon BILLNFinance OCHAPTER.......... .

423–COMMITTEE ON F INANCE (O NB EHALF OF THE OFFICE OF FINANCE IN THE OFFICE OF THE G OVERNOR ) A PRIL29, 2021 ____________ Referred to Committee on Revenue and Economic Development SUMMARY—Requires the Department of Taxation to retain a commission as compensation for the costs of collecting taxes on certain centrally assessed property.

(BDR 32-1078) FISCAL NOTE:

Effect on Local Government:

May have Fiscal Impact.

Effect on the State:

Executive Budget.

~ EXPLANATION – Matter in bolded italics is new;

matter between brackets [omitted material] is material to be omitted.

Under existing law, the Nevada Tax Commission determines the valuation of assessmentcertain property of propertyan taxesinterstate onor suchintercounty property.nature for the purposes of the law requires the Department of Taxation to:

(NRS(1) 361.320,enter 361.321)the Existingeassessed lawvaluationsg requiresestablished by the DepartmentNevada ofTax TaxationCommission to:on the central assessment roll;

(1) enter the assessed valuations established by the Nevada Tax Commission on the central assessment roll;

-EXPLANATION *SB423* – 2Matter –in THEbolded PEOPLEitalics OFis THEnew; STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

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:

If the amount of any tax required by NRS 361.320 or 361.321 for property placed on the unsecured tax roll is not paid within 10 days after it is due, it is delinquent and must be collected as other delinquent taxes are collected by law, together with a - 81st Session (2021) – 2 – penalty of 10 percent of the amount of the tax which is owed, as determined by the Department, in addition to the tax, plus interest at the rate of 1 percent per month, or fraction of a month, from the date the tax was due until the date of payment.

(a) As compensation to the State for the costs of collecting the taxes, transmit the sum the Legislature specifies from the remittances made to the Department pursuant to this section to Thethe depositedState moneyTreasurer mustfor bedeposit expendedto by the Departmentcredit inrtment.of the Department.

accordance with its work program.program.ded by the Department in (b) From the remittances made pursuant to this section, less the amount transmitted pursuant to paragraph (a), apportion and promptly remit all taxes due each county.

(b) From the remittances made pursuant to this section, less the amount transmitted pursuant to paragraph (a), apportion and promptly remit all taxes due each county.

Notwithstanding the provisions of NRS 218D.430 and 218D.435, a committee, other than the Assembly Standing Committee on Ways and Means and the Senate Standing Committee -on *SB423*Finance, –may 3vote –on this act before the expiration of the period prescribed for the return of a fiscal note in NRS 218D.475.

ThisriodThis section applies retroactively from and after March 22, 2021.

H~~~~~ 21 - *SB423*81st Session (2021)