Nevada 2023 Regular Session Status: Enacted 2 D cosponsors

AB 448 — Revises provisions governing the real property transfer tax. (BDR 32-938)

Last action — Approved by the Governor. Chapter 460.

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

This bill has been enacted into law. Introduced March 27, 2023. Enacted.

Signed by Governor Joe Lombardo (Republican) on June 15, 2023.

Odds of enactment

High chance

Based on the sponsor, cosponsors, and committee posture, this bill has a high chance of becoming law.

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A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Advancing 54% · moderate confidence

  • Enacted

    Current position in the legislative process.

  • 2 sponsors

    2 primary, 0 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (2 D).

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

Bill Text

What changed in the latest version

69 added · 82 removed

Plain-language change summary

The updated version of Assembly Bill 448 clarifies that certain exemptions from taxes on real property transfers will no longer apply if the transfer is made to a business entity specifically created to evade those taxes. This change is significant because it aims to prevent tax avoidance tactics by ensuring that businesses cannot escape tax obligations through strategic reorganization or transfers among affiliated entities. Overall, this amendment strengthens tax enforcement related to real estate transactions and helps ensure a fairer tax system.

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REQUIRES TWO-THIRDS MAJORITY VOTE (§ 1) A.B.
Assembly Bill No.
448 ASSEMBLY B ILLN O.
448–Assemblymen Yeager and Jauregui CHAPTER..........
448–A SSEMBLYMEN Y EAGER AND JAUREGUI M ARCH 27, 2023 ____________ Referred to Committee on Revenue SUMMARY—Revises provisions governing the real property transfer tax.
(BDR 32-938) FISCAL NOTE:
Effect on Local Government:
May have Fiscal Impact.
Effect on the State:
Yes.
~ EXPLANATION – Matter in bolded italics is new;
matter between brackets [omitted material] is material to be omitted.
(NRS 375.090) This bill provides that this exemption does not apply if a transfer of real property is made to a business entity formed for the purpose of evading the tax on transfers of real property.
(NRS 375.090) This bill provides that this exemption the purpose of evading the tax on transfers of real property.siness entity formed for EXPLANATION – Matter in bolded italics is new;
matter between brackets [omitted material] is material to be omitted.
375.090 The taxes imposed by NRS 375.020, 375.023 and 375.026 do not apply to:
375.090 The taxes imposed by NRS 375.020, 375.023 and 3751.26 [A] Except as otherwise provided in this subsection, a mere change in identity, form or place of organization, such as a transfer between a business entity and its parent, its subsidiary or an affiliated business entity if the affiliated business entity has identical common ownership.
1.
The taxes imposed by NRS 375.020, 375.023 and 375.026 apply to a transfer described in this subsection if the business entity to which the real property is transferred was formed for the purpose of avoiding those taxes.
[A] Except as otherwise provided in this subsection, a mere change in identity, form or place of organization, such as a transfer between a business entity and its parent, its subsidiary or an affiliated business entity if the affiliated business entity has identical common ownership.
The taxes imposed by NRS 375.020, 375.023 and 375.026 apply to a transfer described in this subsection if the - *AB448* – 2 – business entity to which the real property is transferred was formed for the purpose of avoiding those taxes.
5.
- 82nd Session (2023) – 2 – 5.
A transfer, assignment or other conveyance of real property to a corporation or other business organization if the person conveying the property owns 100 percent of the corporation or organization to which the conveyance is made.
A transfer, assignment or other conveyance of real property to a corporation or other business organization if the person organization to which the conveyance is made.e corporation or 10.
10.
- *AB448* – 3 – 13.
13.
As used in this NRS 379.0056.library foundation” has the meaning ascribed to it in Sec.
As used in this subsection, “library foundation” has the meaning ascribed to it in NRS 379.0056.
Sec.
H - *AB448*
~~~~~ 23 - 82nd Session (2023)
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Action History

  1. Approved by the Governor. Chapter 460.

  2. Enrolled and delivered to Governor.

  3. Taken from General File. Placed on Secretary's desk. Taken from Secretary's desk. Placed on General File. Read third time. Lost. (Yeas: 13, Nays: 8.) Action reconsidered. Read third time. Passed. Title approved. (Yeas: 21, Nays: None.) To Assembly. In Assembly. To enrollment.

  4. Taken from General File. Placed on General File for next legislative day.

  5. Taken from General File. Placed on General File for next legislative day.

  6. Taken from General File. Placed on General File for next legislative day.

  7. Taken from General File. Placed on General File for next legislative day.

  8. Taken from General File. Placed on General File for next legislative day.

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

  10. In Senate. Read first time. Referred to Committee on Revenue and Economic Development. To committee.

  11. From committee: Do pass. Placed on General File. Read third time. Passed. Title approved. (Yeas: 42, Nays: None.) To Senate.

  12. Read second time. Taken from General File. Rereferred to Committee on Ways and Means. Exemption effective. To committee.

  13. Notice of eligibility for exemption.

  14. From committee: Do pass.

  15. From printer. To committee.

  16. Read first time. Referred to Committee on Revenue. To printer.

Sponsors

Sponsorship breakdown

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2 sponsors · 0 co-sponsors · 65 not signed on

Sponsors (2)

Co-sponsors (0)

None.

Not signed on (65)

65 members have not signed on to this bill.

Show all 65 →

"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 housing
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors AB 448?
AB 448 is sponsored by Yeager, Steve (Democratic) and Jauregui, Sandra (Democratic).
What is the current status of AB 448?
This bill has been enacted into law. Introduced March 27, 2023. Enacted.
Where can I track AB 448?
Track AB 448 free on One Click Politics — get push/email alerts when it moves.

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