NRS 231A.270
Designation of investment or security as qualified equity investment by qualified community development entity: Fee.

1.

A qualified community development entity that seeks to have an equity investment or long-term debt security designated as a 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 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 entity forfeits the fee in its entirety if:

(a)

The qualified community development entity and its affiliates and partners which are also qualified community development entities fail to issue the total amount of qualified equity investments certified by the Department and receive cash in the total amount certified pursuant to subsection 3 of NRS 231A.230; or

(b)

The qualified community development entity or any affiliate or partner which is also a qualified community development entity that issues a 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. Forfeiture of the fee under this paragraph is subject to the 6-month cure period established pursuant to NRS 231A.260.

2.

The fee required pursuant to subsection 1 must be paid to the Department and held in the New Markets Performance Guarantee Account until such time as compliance with the provisions of subsection 1 has been established. The 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 Department shall refund the fee within 30 days after such a request or being given notice of noncompliance.

Source: Section 231A.270 — Designation of investment or security as qualified equity investment by qualified community development entity: Fee., https://www.­leg.­state.­nv.­us/NRS/NRS-231A.­html#NRS231ASec270.

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

Feb. 5, 2021

§ 231A.270’s source at nv​.us