AB 62
Revises provisions relating to transferable tax credits for affordable housing. (BDR 32-437)
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Bill overview
This bill revises the rules for transferable tax credits used to finance affordable housing projects in Nevada. It shortens the timeframe for submitting final applications for credit approval to 15 days instead of 45, allows demonstrating land acquisition through long-term ground leases, and permits transferring credits to project partners. The bill also increases the total amount of transferable tax credits the state can approve to $100 million and changes the period during which credits can be used, starting with the notification of issuance rather than the actual issuance date. It also addresses potential overspending by limiting annual approvals to $10 million, with adjustments made to subsequent years if exceeding that limit.
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Primary sponsor
Assembly Committee on Revenue
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