NRS 231A.280
Department to issue letter rulings regarding tax credits: Requirements for letter rulings

  • letter rulings binding on Department, agents or successors until tax credits claimed.

1.

The Department shall issue letter rulings regarding the tax credit program authorized under this chapter, subject to the terms and conditions set forth in this section.

2.

The Department shall respond to a request for a letter ruling within 60 days after receipt of the request. The applicant may provide a draft letter ruling for the Department’s consideration. The applicant may withdraw the request for a letter ruling, in writing, before the issuance of the letter ruling. The Department may refuse to issue a letter ruling for good cause, but must list the specific reasons for refusing to issue the letter ruling. Good cause includes, but is not limited to:

(a)

The applicant requests the Department to determine whether a statute is constitutional or a regulation is lawful;

(b)

The request involves a hypothetical situation or alternative plans;

(c)

The facts or issues presented in the request are unclear, overbroad, insufficient or otherwise inappropriate as a basis upon which to issue a letter ruling; and

(d)

The issue is currently being considered in a rulemaking procedure, contested case, or other agency or judicial proceeding that may definitively resolve the issue.

3.

Letter rulings bind the Department and the Department’s agents and their successors until such time as the entity or its shareholders, members or partners, as applicable, claim all the covered tax credits on a tax return or report, subject to the terms and conditions set forth in any regulations adopted by the Director pursuant to NRS 231A.150. A letter ruling applies only to the applicant.

4.

In rendering letter rulings and making other determinations under this chapter, to the extent applicable, the Department of Business and Industry and the Department of Taxation shall look for guidance to section 45D of the Internal Revenue Code of 1986, 26 U.S.C. § 45D, and the rules and regulations issued thereunder.

5.

For the purposes of this section, “letter ruling” means a written interpretation of law to a specific set of facts provided by the applicant requesting the ruling.

Source: Section 231A.280 — Department to issue letter rulings regarding tax credits: Requirements for letter rulings; letter rulings binding on Department, agents or successors until tax credits claimed., https://www.­leg.­state.­nv.­us/NRS/NRS-231A.­html#NRS231ASec280.

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.280’s source at nv​.us