SB 412 — Revises provisions relating to financial institutions. (BDR 32-952)

EXEMPT (Reprinted with amendments adopted on April 16, 2025) FIRST REPRINT S.B.

412–C OMMITTEE ON C OMMERCE AND L ABOR M ARCH 20, 2025 ____________ Referred to Committee on Revenue and Economic Development SUMMARY—RepealsSUMMARY—Revises provisions relating to financial institutions.

eliminatingrevising anprovisions relating to certain excise taxtaxes on certain bank branches;

Existing law imposes a $1,750 excise tax on a bank for each branch office eachmaintained countyin of this State in excess of one branch office maintained by the bank in requires the excise tax to be paid on or before the firstlast day of eachthe first month of the calendar quarter.

(NRS 363A.120) This billbill: provides for the repeal of these provisions on July 1, 2029.

(1) imposes the $1,750 excise tax on each branch office in excess of one branch office maintained by a bank in each county of this State on July 1 each year;

and (2) requires the excise tax to be paid on or before July 31 each year.

NRS(Deleted 363A.120by isamendment.) herebySec. repealed.

Sec.1.5.

2.NRS 363A.120 is hereby amended to read as follows:

This363A.120 act1. becomes effective on July 1, 2029.

TEXTThere OFis REPEALEDhereby SECTIONimposed 363A.120an Exciseexcise tax on banks:each bank at the rate of $1,750 for each branch office maintained by the bank in this State in excess of one branch office maintained by the bank in each county in this State on [the first day of each calendar quarter.] July 1 of each year.

Imposition,- amount*SB412_R1* and– payment;2 – 2.

filingEach bank that maintains more than one branch office in any county in this State on [the first day of return.a calendar quarter] July 1, shall, on or before [the last day of the first month of that calendar quarter:] July 31:

1.

There is hereby imposed an excise tax on each bank at the rate of $1,750 for each branch office maintained by the bank in this - *SB412* – 2 – State in excess of one branch office maintained by the bank in each county in this State on the first day of each calendar quarter.

2.

Each bank that maintains more than one branch office in any county in this State on the first day of a calendar quarter shall, on or before the last day of the first month of that calendar quarter:

and (b) Remit to the Department any tax due pursuant to this section for the branch offices maintained by the bank in this State on the[the first day of that calendar quarter.quarter.] July 1.

(a)(1)(a) A“Bank” corporationmeans: or limited-liability company that is chartered by this State, another state or the United States which conducts banking or banking and trust business;

(1) A corporation or limited-liability company that is chartered by this State, another state or the United States which conducts banking or banking and trust business;

(b) “Branch office” means any location or facility of a bank where deposit accounts are opened, deposits are accepted, checks are paid and loans are granted, including, but not limited to, a brick and mortar location, a detached or attached drive-in facility, a seasonal office, an office on a military base or government installation, a station or unit for paying and receiving, and a location where a customer can open accounts, make deposits and borrow money by telephone or through use of the Internet, and excluding any automated teller machines, consumer credit offices, contractual offices, customer bank communication terminals, electronic fund transfer units and loan production offices.

HSec. - *SB412*

2.

This act becomes effective on July 1, 2027.

H - *SB412_R1*