NRS 231A.220
Limitations on relationship between insurer or affiliate and qualified community development entity.

1.

An insurer or an affiliate of an insurer may not:

(a)

Manage a qualified community development entity; or

(b)

Control the direction of equity investments for a qualified community development entity.

2.

The provisions of subsection 1 apply to any entity described in subsection 1 regardless of whether the entity does business in this State.

3.

This section does not preclude an entity described in subsection 1 from exercising legal rights or remedies, including the interim management of a qualified community development entity, with respect to a qualified community development entity that is in default of any statutory or contractual obligations to the entity described in subsection 1.

4.

This chapter does not limit the amount of nonvoting equity interests in a qualified community development entity that an entity described in subsection 1 may own.

5.

For the purposes of this section:

(a)

“Affiliate of an insurer” has the meaning ascribed to the term “affiliate” in NRS 692C.030.

(b)

“Insurer” has the meaning ascribed to it in NRS 679A.100.

Source: Section 231A.220 — Limitations on relationship between insurer or affiliate and qualified community development entity., https://www.­leg.­state.­nv.­us/NRS/NRS-231A.­html#NRS231ASec220.

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.220’s source at nv​.us