Nevada 2023 Regular Session Status: Enacted 1 D cosponsors

SB 240 — Revises provisions relating to the Nevada New Markets Jobs Act. (BDR 18-792)

Last action — Chapter 517.

  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 09, 2023. Enacted.

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

Prognosis

Advancing 52% · 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.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (1 D).

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.

Bill Text

What changed in the latest version

690 added · 715 removed

690 line(s) added, 715 removed.

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REQUIRES TWO-THIRDS MAJORITY VOTE (§§ 16, 21) EXEMPT (Reprinted with amendments adopted on April 24, 2023) FIRST REPRINT S.B.
Senate Bill No.
240 SENATE B ILLN O.
240–Senator Neal CHAPTER..........
240–SENATOR N EAL M ARCH 9, 2023 ____________ Referred to Committee on Revenue and Economic Development SUMMARY—Revises provisions relating to the Nevada New Markets Jobs Act.
(BDR 18-792) FISCAL NOTE:
Effect on Local Government:
No.
Effect on the State:
Yes.
~ EXPLANATION – Matter in bolded italics is new;
matter between brackets [omitted material] is material to be omitted.
making an appropriation;
(Chapter 231A of NRS) taxes imposed on insurance companies in exchange for making an investment in aain qualified community development entity.
(Chapter 231A of NRS) Under the Act, insurance companies are entitled to receive credit against certain taxes imposed on insurance companies in exchange for making an investment in a qualified community development entity.
(NRS 231A.200) A qualified community development entity in which such an investment is made is required to use 85 percent of the investment to make capital or equity investments in, or loans to, qualified active low-income community businesses, which are defined as businesses in a low-income community.
(NRS 231A.200) A qualified community development entity in which such an investment is made is required to use 85 percent of the investment to make capital or equity investments in, or loans to, businesses in a low-income community.
(NRS 231A.110, 231A.130, 231A.140, of investments in qualified community development entities which may be made inunt exchange for a credit against certain taxes imposed on insurance companies.
(NRS 231A.110, 231A.130, 231A.140, 231A.250;
26 U.S.C.
§ 45D) Section 16 of this bill authorizes an additional amount of investments in qualified community development entities which may be made in exchange for a credit against certain taxes imposed on insurance companies.
Sections 2 and 7 of this bill provide that an “impact qualified active low-income community business” means certain types of manufacturing businesses - *SB240_R1* – 2 – or businesses where the majority of owners are from certain historically disadvantaged groups, but which may be located anywhere in this State.
Sections 2 and 7 of this bill provide that an “impact qualified active low-income community business” means certain types of manufacturing businesses, retail businesses or businesses where the majority of owners are from certain historically disadvantaged groups, but which may be located anywhere in this State.
Section 16 establishes the amount of investments in impact qualified community development make conforming changes to the provisions of the Nevada New Markets Jobs Actthis bill to integrate investments in impact qualified community development entities into the existing provisions governing the eligibility for and administration of tax credits under the Act.
Section 16 establishes the amount of investments in impact qualified community development entities which may be made in exchange for the tax credit.
New Markets Jobs Act to integrate investments in impact qualified community Nevada development entities into the existing provisions governing the eligibility for and administration of tax credits under the Act.
Sections qualified community development entities.the tax credit for investments in impact THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Sections 2-5 of this bill define terms related to the tax credit for investments in impact qualified community development entities.
Section 25.5 of this bill makes an appropriation to the Department of Business and Industry for costs to carry out the provisions of this bill.
- 82nd Session (2023) – 2 – 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.
that has its principal business operations in this State and is engaged in lending or other investment activity;
A partnership, limited-liability company or corporation that has its principal business operations in this State and is engaged in lending or other investment activity;
and - *SB240_R1* – 3 – (c) Is designated by the issuer as an impact qualified equity investment under this section and is certified by the Department as complying with the limitations contained in subsection 6 of NRS 231A.230.
and (c) Is designated by the issuer as an impact qualified equity investment under this section and is certified by the Department as complying with the limitations contained in subsection 6 of NRS 231A.230.
2.
requirements of subsection 1 if the investment was an impacte qualified equity investment in the possession or control of a prior holder.
The term includes an investment that does not meet the requirements of subsection 1 if the investment was an impact qualified equity investment in the possession or control of a prior holder.
- 82nd Session (2023) – 3 – location of a business where at least 60 percent of the employees of the business work.
5.
“Principal business operations” means the physical location of a business where at least 60 percent of the employees of the business work.
Sec.
(a) Whose primary North American Industry Classification System classification is within sector 31, 32 or 33;
(a) Whose primary North American Industry Classification System classification is within sector 31, 32 or 33 or sector 44 or 45;(b) Are businesses that have 51 percent or more of its ownership interest held by women, disabled veterans, persons who are lesbian, gay, bisexual or transgender or members of a racial or ethnic minority group.
or (b) Are businesses that have 51 percent or more of its ownership interest held by women, disabled veterans, persons who are lesbian, gay, bisexual or transgender or members of a racial or ethnic minority group.
Except as otherwise provided in this subsection, the businesses limited by this section do not include any business that derives or projects to derive 15 percent or more of its annual revenue from the rental or sale of real estate.
Except as otherwise provided in this subsection, the businesses limited by this section do not include any business that derives or projects to derive 15 percent or more of its annual not apply to a business that is controlled by, or under common does control with, another business if the second business:
This exclusion does not apply to a business that is controlled by, or under common control with, another business if the second business:
and - *SB240_R1* – 4 – (b) Is the primary tenant of the real estate leased from the first business.
and (b) Is the primary tenant of the real estate leased from the first business.
(a) A business that has received an abatement from taxation pursuant to NRS 274.310, 274.320, 274.330, 360.750, 360.753 or 360.754.
- 82nd Session (2023) – 4 – (a) A business that has received an abatement from taxation pursuant to NRS 274.310, 274.320, 274.330, 360.750, 360.753 or 360.754.
(b) An entity that has liability for insurance premium tax on a premium tax report filed pursuant to NRS 680B.030.
(b) An entity that has liability for insurance premium tax on a pre(c) A business engaged in banking or lending.0.
(c) A business engaged in banking or lending.
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and (2) The Office of Economic Development must forward a copy of the written notice to the Department and each governmental entity or official to whom a copy of the certificate of eligibility for the abatement was forwarded.
and copy of the written notice to the Department and eachward a governmental entity or official to whom a copy of the certificate of eligibility for the abatement was forwarded.
231A.030 As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 231A.040 to - *SB240_R1* – 5 – 231A.145, inclusive, and sections 2 to 5, inclusive, of this act have the meanings ascribed to them in those sections.
231A.030 As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 231A.040 to 231A.145, inclusive, and sections 2 to 5, inclusive, of this act have the meanings ascribed to them in those sections.
1.
- 82nd Session (2023) – 5 – 1.
2.
percent for the first two credit allowance dates and 15 percent for the next five credit allowance dates.
With respect to an impact qualified equity investment, 0 percent for the first two credit allowance dates and 15 percent for the next five credit allowance dates.
231A.160 To qualify as long-term debt security, a debt instrument must be issued by a qualified community development entity [,] or impact qualified community development entity, at par value or a premium, with an original maturity date of at least 7 years after the date of its issuance, with no acceleration of repayment, amortization or prepayment features before its original maturity date.
231A.160 To qualify as long-term debt security, a debt instrument must be issued by a qualified community development value or a premium, with an original maturity date of at least 7 years after the date of its issuance, with no acceleration of repayment, amortization or prepayment features before its original maturity date.
§ 45D, of the qualified community development entity or impact qualified community development entity for that period before giving effect to the interest expense of the long-term - *SB240_R1* – 6 – debt security.
§ 45D, of the qualified community development entity or impact qualified community development entity for that period before giving effect to the interest expense of the long-term debt security.
This section does not limit the holder’s ability to accelerate payments on the debt instrument in situations in which the issuer has defaulted on covenants designed to ensure compliance with this chapter or section 45D of the Internal Revenue Code of 1986, 26 U.S.C.
This section does not limit the holder’s ability to accelerate payments on the debt instrument in situations in which - 82nd Session (2023) – 6 – the issuer has defaulted on covenants designed to ensure compliance with this chapter or section 45D of the Internal Revenue Code of 1986, 26 U.S.C.
231A.200 An entity that makes a qualified equity investment or impact qualified equity investment earns a vested right to credit against the entity’s liability for insurance premium tax on a premium tax report filed pursuant to NRS 680B.030 that may be used as follows:
or impact qualified equity investment earns a vested right to credit against the entity’s liability for insurance premium tax on a premium tax report filed pursuant to NRS 680B.030 that may be used as follows:
The credit amount is equal to the applicable percentage for the credit allowance date multiplied by the purchase price paid to the issuer of the qualified equity investment [.] or impact qualified equity investment.
The credit amount is equal to the applicable percentage for the credit allowance date multiplied by the purchase price paid to the issuer of the qualified equity investment [.] or impact qualified equ3.y iExcept as otherwise provided in subsection 4, the amount of the credit claimed by an entity must not exceed the amount of the entity’s liability for insurance premium tax for the tax year for which the credit is claimed.
3.
Except as otherwise provided in subsection 4, the amount of the credit claimed by an entity must not exceed the amount of the entity’s liability for insurance premium tax for the tax year for which the credit is claimed.
- *SB240_R1* – 7 – Sec.
- 82nd Session (2023) – 7 – 231A.220 NRS1.
15.
NRS 231A.220 is hereby amended to read as follows:
231A.220 1.
4.
interests in a qualified community development entity or impacty qualified community development entity that an entity described in subsection 1 may own.
This chapter does not limit the amount of nonvoting equity interests in a qualified community development entity or impact qualified community development entity that an entity described in subsection 1 may own.
An application submitted by a qualified community development entity or impact qualified community development entity must include the following:
An application submitted by a qualified community development entity or impact qualified com(a) If the application is for the designation of an equity investment or long-term debt security as a qualified equity investment:
(a) If the application is for the designation of an equity investment or long-term debt security as a qualified equity investment:
[(b)] (2) A copy of an allocation agreement executed by the applicant, or its controlling entity, and the Community Development Financial Institutions Fund of the United States Department of the Treasury which includes the State of Nevada in the service area set forth in the allocation agreement.
[(b)] (2) A copy of an allocation agreement executed by the applicant, or its controlling entity, and the Community Development Financial Institutions Fund of the United States Department of the - 82nd Session (2023) – 8 – forth in the allocation agreement.of Nevada in the service area set [(c)] (3) A certificate executed by an executive officer of the applicant:
- *SB240_R1* – 8 – [(c)] (3) A certificate executed by an executive officer of the applicant:
and (2) The documentation required pursuant to subparagraphs (1), (2) and (3) of paragraph (a) if the impact qualified community development entity has been certified as a qualified community development entity.
and (2) The documentation required pursuant to subparagraphs (1), (2) and (3) of paragraph (a) if the impact qualified community development entity.has been certified as a qualified community (c) A description of the proposed amount, structure and purchaser of the qualified equity investment [.] or impact qualified equity investment.
(c) A description of the proposed amount, structure and purchaser of the qualified equity investment [.] or impact qualified equity investment.
[(g)] (f) A nonrefundable application fee of $5,000.
must be paid to the Department and is required for each application submitted.
This fee must be paid to the Department and is required for each application submitted.
[(h)] (g) The refundable performance fee required by subsection of NRS 231A.270.
[(h)] (g) The refundable performance fee required by subsection 1 of NRS 231A.270.
If the Department denies any part of the application, it shall inform the qualified community development entity or impact qualified community development entity of the grounds for the denial.
If the Department denies any part of the application, it shall inform - 82nd Session (2023) – 9 – the qualified community development entity or impact qualified community development entity of the grounds for the denial.
If the qualified community development entity or impact qualified community development entity provides any additional information - *SB240_R1* – 9 – required by the Department or otherwise completes its application within 15 days after the date of the notice of denial, the application must be considered complete as of the original date of submission.
If the qualified community development entity or impact qualified community development entity provides any additional information within 15 days after the date of the notice of denial, the application must be considered complete as of the original date of submission.
4.
and impact qualified equity investments in the order applications are received by the Department.
The Department shall certify qualified equity investments and impact qualified equity investments in the order applications are received by the Department.
(a) Shall certify $200,000,000 in qualified equity investments before July 1, 2019, [and] $200,000,000 in qualified equity investments on or after July 1, 2019 [;] , and $170,000,000 in qualified equity investments on or after July 1, 2024;
(a) Shall certify $200,000,000 in qualified equity investments before July 1, 2019, [and] $200,000,000 in qualified equity - 82nd Session (2023) – 10 – qualified equity investments on or after July 1, 2024;0,000 in (b) Shall not certify any single qualified equity investment of less than $8,000,000 [;
(b) Shall not certify any single qualified equity investment of less than $8,000,000 [;
(c) Shall not certify more than a total of $50,000,000 in qualified equity investments to any single applicant, including all - *SB240_R1* – 10 – affiliates and partners of the applicant which are qualified community development entities [.
(c) Shall not certify more than a total of $50,000,000 in qualified equity investments to any single applicant, including all affiliates and partners of the applicant which are qualified community development entities [.
(b) Shall not certify any single impact qualified equity investment of less than $8,000,000, except as provided in paragraph (c);
investment of less than $8,000,000, except as provided inty paragraph (c);
An approved applicant may transfer all or a portion of its certified qualified equity investment or impact qualified equity investment authority to its controlling entity or any affiliate or partner of the controlling entity which is also a qualified community development entity [,] or impact qualified community development entity, as applicable, if the applicant provided the information required in the application with respect to the transferee and the applicant notifies the Department of the transfer within 30 days after the transfer.
An approved applicant may transfer all or a portion of its certified qualified equity investment or impact qualified equity investment authority to its controlling entity or any affiliate or partner of the controlling entity which is also a qualified community development entity [,] or impact qualified community development entity, as applicable, if the applicant provided the information required in the application with respect to the transferee and the applicant notifies the Department of the transfer within 30 days after the[7.] 8.erWithin 30 days after the applicant receives notice of certification, the qualified community development entity , impact qualified community development entity or any transferee pursuant to subsection [6] 7 shall issue the qualified equity investment or impact qualified equity investment and receive cash in the amount certified by the Department.
[7.] 8.
The qualified community development entity , impact qualified community development entity or transferee under subsection [6] 7 must provide the Department with evidence of the receipt of the cash investment within 10 business - 82nd Session (2023) – 11 – impact qualified community development entity or any transfereety , under subsection [6] 7 does not receive the cash investment and issue the qualified equity investment or impact qualified equity investment within 30 days after receipt of the notice of certification, the certification lapses and the entity may not issue the qualified equity investment or impact qualified equity investment without reapplying to the Department for certification.
Within 30 days after the applicant receives notice of certification, the qualified community development entity , impact qualified community development entity or any transferee pursuant to subsection [6] 7 shall issue the qualified equity investment or impact qualified equity investment and receive cash in the amount certified by the Department.
Lapsed certifications revert back to the Department and must be reissued, first, pro rata to other applicants whose qualified equity investment or impact qualified equity investment allocations were reduced pursuant to subsection 4 and, thereafter, in accordance with requirements for submitting the application.
The qualified community development entity , impact qualified community development entity or transferee under subsection [6] 7 must provide the Department with evidence of the receipt of the cash investment within 10 business days after receipt.
If the qualified community development entity , impact qualified community development entity or any transferee under subsection [6] 7 does not receive the cash investment and issue the qualified equity investment or impact qualified equity investment within 30 days after receipt of the notice of certification, the certification lapses and the entity may not issue the qualified equity investment or impact qualified equity investment without reapplying to the Department for certification.
Lapsed certifications - *SB240_R1* – 11 – revert back to the Department and must be reissued, first, pro rata to other applicants whose qualified equity investment or impact qualified equity investment allocations were reduced pursuant to subsection 4 and, thereafter, in accordance with requirements for submitting the application.
A qualified community development entity which issues qualified equity investments under this chapter shall make qualified low-income community investments in businesses located in severely distressed census tracts, on a combined basis with all of its affiliated qualified community development entities that have issued qualified equity investments under this chapter, in an amount equal to at least 30 percent of the purchase price of all qualified equity investments issued by such entities.
A qualified community development entity which issues qualified equity investments under this chapter shall make qualified low-income community investments in businesses with all of its affiliated qualified community development entities that have issued qualified equity investments under this chapter, in an amount equal to at least 30 percent of the purchase price of all qualified equity investments issued by such entities.
The Director may reduce the requirement in subsection 1 to 20 percent if the qualified community development entity uses its commercially reasonable best efforts to satisfy the requirements of subsection 1 and fails to do so within 9 months after its initial credit allowance date.
The Director may reduce the requirement in subsection 1 to percent if the qualified community development entity uses its commercially reasonable best efforts to satisfy the requirements of subsection 1 and fails to do so within 9 months after its initial credit allowance date.
A qualified community development entity or impact qualified community development entity which makes a qualified low-income community investment must allow the business in which the qualified low-income community investment is made to apply to refinance the qualified low-income investment if at least 4 years has passed since the qualified community development entity or impact qualified community development entity made the qualified low-income investment and the qualified low-income investment has not previously been refinanced.
A qualified community development entity or impact qualified community development entity which makes a qualified low-income community investment must allow the business in which the qualified low-income community investment is made to apply to refinance the qualified low-income investment if at least 4 years has passed since the qualified community development entity qualified low-income investment and the qualified low-income investment has not previously been refinanced.
or (c) A rate of unemployment that was equal to or greater than 150 percent of the national average.
or - 82nd Session (2023) – 12 – (c) A rate of unemployment that was equal to or greater than percent of the national average.
A qualified community development entity or impact qualified community development entity may make a qualified low-income community investment jointly with one or more other qualified community development entities [.] or impact qualified community development entities.
A qualified community development entity or qualified low-income community investment jointly with one or more other qualified community development entities [.] or impact qualified community development entities.
- *SB240_R1* – 12 – (a) The purchase price of a qualified equity investment [;] or impact qualified equity investment;
(a) The purchase price of a qualified equity investment [;] or impact qualified equity investment;
§ 45D.
§ proportionate to the federal recapture with respect to the qualified equity investment [.] or impact qualified equity investment.
In such a case, the Department’s recapture must be proportionate to the federal recapture with respect to the qualified equity investment [.] or impact qualified equity investment.
The issuer fails to invest an amount equal to 85 percent of the purchase price of the qualified equity investment or impact qualified equity investment in qualified low-income community investments in this State within 12 months after the issuance of the qualified equity investment or impact qualified equity investment and maintain at least an 85-percent level of investment in qualified low-income community investments in the State until the last credit allowance date for the qualified equity investment [.] or impact qualified equity investment.
The issuer fails to invest an amount equal to 85 percent of the purchase price of the qualified equity investment or impact qualified equity investment in qualified low-income community investments in this State within 12 months after the issuance of the qualified equity investment or impact qualified equity investment - 82nd Session (2023) – 13 – low-income community investments in the State until the last creditd allowance date for the qualified equity investment [.] or impact qualified equity investment.
- *SB240_R1* – 13 – (a) The sixth anniversary of the issuance of the qualified equity investment [,] or impact qualified equity investment, the proceeds of which were used to make the qualified low-income community investment;
(a) The sixth anniversary of the issuance of the qualified equity investment [,] or impact qualified equity investment, the proceeds of which were used to make the qualified low-income community investment;
or (b) The date by which a qualified community development entity or impact qualified community development entity has made qualified low-income community investments with the proceeds of the qualified equity investment or impact qualified equity investment on a cumulative basis equal to at least 150 percent of those proceeds, in which case the qualified low-income community investment must be considered held by the issuer through the seventh anniversary of the [qualified equity investment’s] issuance [.] of the qualified equity investment or impact qualified equity investment.
or (b) The date by which a qualified community development qualified low-income community investments with the proceeds ofe the qualified equity investment or impact qualified equity investment on a cumulative basis equal to at least 150 percent of those proceeds, in which case the qualified low-income community investment must be considered held by the issuer through the seventh anniversary of the [qualified equity investment’s] issuance [.] of the qualified equity investment or impact qualified equity investment.
At any time before the final credit allowance date of a qualified equity investment [,] or impact qualified equity investment, the issuer uses the cash proceeds of the qualified equity investment or impact qualified equity investment to make qualified low-income community investments in any one qualified active low-income community business [,] impact qualified active low- income community business, including affiliated qualified active low-income community businesses [,] or impact qualified active low-income community businesses, exclusive of reinvestments of capital returned or repaid with respect to earlier investments in the qualified active low-income community business or impact qualified active low-income community business and its affiliates, in excess of 25 percent of those cash proceeds.
At any time before the final credit allowance date of a qualified equity investment [,] or impact qualified equity investment, the issuer uses the cash proceeds of the qualified equity investment or impact qualified equity investment to make qualified low-income community investments in any one qualified active low-income community business [,] impact qualified active low- income community business, including affiliated qualified active low-income community businesses, exclusive of reinvestments of capital returned or repaid with respect to earlier investments in the qualified active low-income community business or impact qualified active low-income community business and its affiliates, in excess of 25 percent of those cash proceeds.
Sec.
- 82nd Session (2023) – 14 – 231A.260 NRSEnforcement of each of the recapture provisions set forth in NRS 231A.250 is subject to a 6-month cure period.
20.
NRS 231A.260 is hereby amended to read as follows:
231A.260 Enforcement of each of the recapture provisions set forth in NRS 231A.250 is subject to a 6-month cure period.
A qualified community development entity or impact qualified community development entity that seeks to have an equity investment or long-term debt security designated as a qualified equity investment or impact qualified equity investment and eligible for tax credits under this chapter must pay a fee in the amount of 0.5 percent of the amount of the equity investment or - *SB240_R1* – 14 – long-term debt security requested to be designated as a qualified equity investment or impact qualified equity investment to the Department.
A qualified community development entity or impact qualified community development entity that seeks to have an equity investment or long-term debt security designated as a qualified equity investment or impact qualified equity investment and eligible for tax credits under this chapter must pay a fee in the amount of 0.5 percent of the amount of the equity investment or long-term debt security requested to be designated as a qualified equity investment or impact qualified equity investment to the Department.
The fee must be deposited in the New Markets Performance Guarantee Account, which is hereby created in the State General Fund.
The fee must be deposited in the New Markets State General Fund.
or (b) The qualified community development entity or impact qualified community development entity or any affiliate or partner which is also a qualified community development entity or impact qualified community development entity that issues a qualified equity investment or impact qualified equity investment certified under this chapter fails to meet the investment requirement specified in subsection 3 of NRS 231A.250 by the second credit allowance date of the qualified equity investment [.] or impact qualified equity investment.
or (b) The qualified community development entity or impact qualified community development entity or any affiliate or partner which is also a qualified community development entity or impact qualified community development entity that issues a qualified equity investment or impact qualified equity investment certified under this chapter fails to meet the investment requirement specified date of the qualified equity investment [.] or impact qualified equity investment.
The qualified community development entity or impact qualified community development entity may request a refund of the fee from the Department no sooner than 30 days after having met all the requirements of subsection 1.
The qualified community development entity or impact qualified community development entity may request a refund of the fee from the Department no - 82nd Session (2023) – 15 – subsection 1.
- *SB240_R1* – 15 – (a) The cumulative operating income, as defined by regulations adopted under section 45D of the Internal Revenue Code of 1986, 26 U.S.C.
(a) The cumulative operating income, as defined by regulations U.S.C.
§ 45D, earned by the qualified community development entity or impact qualified community development entity since issuance of the qualified equity investment [,] or impact qualified equity investment before giving effect to any interest expense from the long-term debt securities designated as qualified equity investments [;] or impact qualified equity investments;
§ 45D, earned by the qualified community development, entity or impact qualified community development entity since issuance of the qualified equity investment [,] or impact qualified equity investment before giving effect to any interest expense from the long-term debt securities designated as qualified equity investments [;] or impact qualified equity investments;
(b) Have been in compliance with NRS 231A.250 through its seventh credit allowance date, including coming into compliance during any cure period allowed pursuant to NRS 231A.260;
(b) Have been in compliance with NRS 231A.250 through its seventh credit allowance date, including coming into compliance dur(c) Have had its proceeds invested in qualified active low- income community investments such that the total qualified active low-income community investments made, cumulatively including reinvestments, exceeds 150 percent of its qualified equity investment [.] or impact qualified equity investment.
and (c) Have had its proceeds invested in qualified active low- income community investments such that the total qualified active low-income community investments made, cumulatively including reinvestments, exceeds 150 percent of its qualified equity investment [.] or impact qualified equity investment.
A qualified community development entity or impact qualified community development entity that seeks to have a qualified equity investment or impact qualified equity investment decertified pursuant to this section must send notice to the Department of its request for decertification together with evidence supporting the request.
A qualified community development entity or impact qualified community development entity that seeks to have a qualified equity investment or impact qualified equity investment decertified pursuant to this section must send notice to the - 82nd Session (2023) – 16 – Department of its request for decertification together with evidence supporting the request.
The provisions of paragraph (b) of subsection 2 shall be deemed to be met if no recapture action has been commenced by the Department as of the seventh credit allowance date.
The provisions of paragraph (b) of subsection 2 shall be deemed to be met if no recapture action has been commenced by the Department as of the seventh credit within 30 days after receiving the request.
The Department shall respond to such a request within 30 days after receiving the request.
231A.310 A qualified community development entity or impact qualified community development entity is not entitled to pay to any affiliate of the qualified community development entity or impact qualified community development entity any fees in connection with any activity under this chapter before decertification pursuant to NRS 231A.300 of all qualified equity investments or qualified equity investments issued by the qualified community development entity [.] or impact qualified community - *SB240_R1* – 16 – development entity.
231A.310 A qualified community development entity or impact qualified community development entity is not entitled to pay to any affiliate of the qualified community development entity or impact qualified community development entity any fees in connection with any activity under this chapter before decertification pursuant to NRS 231A.300 of all qualified equity investments or qualified equity investments issued by the qualified community development entity [.] or impact qualified community development entity.
The Director shall conduct an annual review of each qualified community development entity and impact qualified community development entity that has been granted an application for a qualified equity investment or impact qualified equity investment pursuant to NRS 231A.230 to ensure that:
The Director shall conduct an annual review of each qualified community development entity and impact qualified for a qualified equity investment or impact qualified equityation investment pursuant to NRS 231A.230 to ensure that:
(a) Information on the impact of the qualified equity investment or impact qualified equity investment on the economy of this State, including, without limitation, the number of jobs created by the qualified equity investment [;] or impact qualified equity investment;
- 82nd Session (2023) – 17 – (a) Information on the impact of the qualified equity investment or impact qualified equity investment on the economy of this State, including, without limitation, the number of jobs created by the qualified equity investment [;] or impact qualified equity investment;
NRS 680B.0365 is hereby amended to read as follows:
NRS 680B.0365 is hereby amended to read as fol680B.0365 Each insurer that makes a qualified equity investment, as defined in NRS 231A.130, or impact qualified equity investment, as defined in section 4 of this act, or is allocated a credit pursuant to NRS 231A.210 is entitled to a credit against the premium tax in the manner provided in NRS 231A.200.
680B.0365 Each insurer that makes a qualified equity investment, as defined in NRS 231A.130, or impact qualified equity investment, as defined in section 4 of this act, or is allocated a credit pursuant to NRS 231A.210 is entitled to a credit against the premium tax in the manner provided in NRS 231A.200.
25.5.
1.
There is hereby appropriated from the State General Fund to the Department of Business and Industry for the Business and Industry Administration budget account for personnel, operating and travel costs to carry out the provisions of this act the following sums:
For the Fiscal Year 2023-2024..................................$103,135 For the Fiscal Year 2024-2025....................................$99,665 2.
Any balance of the sums appropriated by subsection 1 remaining at the end of the respective fiscal years must not be committed for expenditure after June 30 of the respective fiscal years by the entity to which the appropriation is made or any entity to which money from the appropriation is granted or otherwise transferred in any manner, and any portion of the appropriated money remaining must not be spent for any purpose after September 20, 2024, and September 19, 2025, respectively, by either the entity to which the money was appropriated or the entity to which the money was subsequently granted or transferred, and must be reverted to the State General Fund on or before September 20, 2024, and September 19, 2025, respectively.
Sec.
H - *SB240_R1*
~~~~~ 23 - 82nd Session (2023)
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Amendments

2 amendments

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Action History

  1. Chapter 517.

  2. Approved by the Governor.

  3. Enrolled and delivered to Governor.

  4. In Senate. To enrollment.

  5. Read third time. Passed. Title approved. (Yeas: 42, Nays: None.) To Senate.

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

  7. From committee: Amend, and do pass as amended. Placed on General File. Read third time. Amended. (Amend. No. 767.) Reprinting dispensed with. Read third time. Passed, as amended. Title approved, as amended. (Yeas: 18, Nays: 2, Excused: 1.) To printer. From printer. To re-engrossment. Re-engrossed. Second reprint. To Assembly. In Assembly. Read first time. Referred to Committee on Ways and Means. To committee.

  8. From printer. To engrossment. Engrossed. First reprint. To committee.

  9. From committee: Amend, and do pass as amended. Placed on Second Reading File. Read second time. Amended. (Amend. No. 386.) Taken from General File. Re-referred to Committee on Finance. Exemption effective. To printer.

  10. Notice of eligibility for exemption.

  11. From printer. To committee.

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

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 66 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (66)

66 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

finance labor
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 SB 240?
SB 240 is sponsored by Neal, Dina (Democratic).
What is the current status of SB 240?
This bill has been enacted into law. Introduced March 09, 2023. Enacted.
Where can I track SB 240?
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