How AB 441 changes current law

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The bill revises the application process and requirements for obtaining tax credits under the Nevada Educational Choice Scholarship Program.

• NRS 363A.139

  The → Not earlier than May 1 and not later than June 1 of each year, a scholarship organization must submit to the Department of Taxation

  Establishes specific dates for scholarship organizations to submit tax credit applications.

• NRS 363A.139

  [The] shall, within 20 days after receiving the application, approve or deny the application and → On or before July 1 of each year, the Department shall review all the applications submitted pursuant to subsection 3 and provide to each scholarship organization which submitted an application notice of whether the application was approved or denied and, if the application is approved, the amount of the credit authorized.

  Changes the timeline and process for the Department of Taxation to review and approve applications.

• NRS 363A.139

  The Department of Taxation shall approve or deny applications for the credit authorized by subsection 1 in the order in which the applications are received. → If the total amount of credits for which the Department during the application period exceeds the amount of credits available for the fiscal year pursuant to this section and NRS 363B.119, applications must be approved according to the following order of priority:

  Establishes a priority system for approving tax credit applications based on the categories of pupils.

• NRS 363A.139

  If a taxpayer does not make the donation of money to the scholarship organization within 30 days after receiving the notice, the scholarship organization shall provide notice of the failure to the Department of Taxation and the taxpayer forfeits any claim to the credit authorized by subsection 1. → If the taxpayer does not make the donation of money to the scholarship organization within 30 days after receiving the notice, the scholarship organization shall provide notice of the failure to the Department of Taxation and the taxpayer forfeits any claim to the credit authorized by subsection 1.

  Clarifies the consequences for taxpayers who fail to make the required donation within the specified timeframe.

• NRS 363A.139

  existing law continues to authorize the Department to approve applications for the credit authorized by subsection 1 until the total amount of the credits authorized by subsection 1 and approved by the Department of Taxation pursuant to this subsection and subsection [4] 6 of NRS 363B.119 is $6,655,000. → The amount of any credit which is forfeited pursuant to subsection 2 must not be considered in calculating the amount of credits authorized for any fiscal year.

  Adjusts the treatment of forfeited credits in determining the total amount of credits available.

• NRS 363A.139

  the applications for the credit authorized by subsection 1 and approved by the Department of Taxation pursuant to this subsection and subsection [5] 7 of NRS 363B.119 is $4,745,000. → If, in Fiscal Year 2019-2020, 2020-2021 or 2021-2022, the amount of credits authorized by subsection 1 and approved pursuant to this subsection and subsection [5] 7 of NRS 363B.119 is less than $4,745,000, the remaining amount of credits pursuant to this subsection and subsection [5] 7 of NRS 363B.119 must be carried forward and made available for approval during subsequent fiscal years until the total amount of credits authorized by subsection 1 and approved pursuant to this subsection and subsection [5] 7 of NRS 363B.119 is equal to $14,235,000.

  Allows unused credits to be carried forward to ensure total available credits reach a specified threshold.

• NRS 363A.139

  The provisions of subsection [4] 6 do not apply to the amount of credits authorized by this subsection and the amount of credits authorized by this subsection must not be considered when determining the amount of credits authorized for a fiscal year pursuant to subsection [4.] 6. → The amount of any credit which is forfeited pursuant to subsection 2 must not be considered in calculating the amount of credits authorized pursuant to this subsection.

  Clarifies the treatment of forfeited credits for fiscal calculations.