NRS 231A.200
Vested right to credit against insurance premium tax liability: Use of credit

  • maximum yearly amount of credit
  • amount of credit that may carry forward to subsequent year.
An entity that makes a 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:

1.

Except as otherwise provided in this subsection, on each credit allowance date of the qualified equity investment, the entity, or the subsequent holder of the qualified equity investment, is entitled to use a portion of the credit during the taxable year that includes the credit allowance date. If an entity makes a qualified equity investment on or after July 1, 2019, the entity may not use any portion of the credit against the entity’s liability for insurance premium tax for any period beginning before July 1, 2021.

2.

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.

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.

4.

If the insurance premium tax is eliminated or reduced below the level that was in effect on the first credit allowance date, the entity is entitled to a credit against any other taxes paid to the Department of Taxation in an amount equal to the difference between the amount the entity would have been able to claim against its insurance premium tax liability had the tax not been eliminated or reduced and the amount the entity was actually able to claim, if any.
Ê Any amount of tax credit that the entity is prohibited from claiming in a taxable year as a result of subsection 3 or 4 may be carried forward for use in any subsequent taxable year.

Source: Section 231A.200 — Vested right to credit against insurance premium tax liability: Use of credit; maximum yearly amount of credit; amount of credit that may carry forward to subsequent year., https://www.­leg.­state.­nv.­us/NRS/NRS-231A.­html#NRS231ASec200.

231A.010
Short title. 231A.020
Legislative findings and declaration. 231A.030
Definitions. 231A.040
“Applicable percentage” defined. 231A.050
“Credit allowance date” defined. 231A.060
“Department” defined. 231A.070
“Director” defined. 231A.075
“Fresh food retailer” defined. 231A.080
“Liability for insurance premium tax” defined. 231A.090
“Long-term debt security” defined. 231A.100
“Purchase price” defined. 231A.110
“Qualified active low-income community business” defined. 231A.120
“Qualified community development entity” defined. 231A.130
“Qualified equity investment” defined. 231A.135
“Qualified fresh food retailer” defined. 231A.140
“Qualified low-income community investment” defined. 231A.145
“Underserved community” defined. 231A.150
Regulations. 231A.160
Qualifications for long-term debt security. 231A.170
Qualified active low-income community business: Qualification 231A.180
Qualified community development entity: Requirement for allocation agreement 231A.200
Vested right to credit against insurance premium tax liability: Use of credit 231A.210
Tax credits not to be refunded or sold 231A.220
Limitations on relationship between insurer or affiliate and qualified community development entity. 231A.230
Designation of investment or security as eligible for tax credit by qualified community development entity: Application requirements 231A.240
Use of qualified equity investments by qualified entity: Percentage required to be invested in severely distressed census tracts 231A.245
Qualified low-income community investments: Investments from more than one qualified community development entity 231A.250
Circumstances requiring recapture by Department of tax credits. 231A.260
Recapture: Cure period 231A.270
Designation of investment or security as qualified equity investment by qualified community development entity: Fee. 231A.280
Department to issue letter rulings regarding tax credits: Requirements for letter rulings 231A.290
Entity claiming tax credit not required to pay additional taxes resulting from claim of credit. 231A.300
Decertification of qualified equity investment: Circumstances 231A.310
Qualified community development entity not entitled to pay to affiliates fees in connection with qualified investments before decertification. 231A.320
Duties of Director: Annual review of qualified community development entity
Last Updated

Jun. 24, 2021

§ 231A.200’s source at nv​.us