NRS 231A.010 – Short title.
The provisions of this chapter may be cited as the Nevada New Markets Jobs Act. (Added to NRS by 2013, 3446)
NRS 231A.020 – Legislative findings and declaration.
The Legislature hereby finds and declares that: 1. The purpose of this chapter is to provide community development and economic stimulation, particularly to distressed areas of this State; 2. All qualified community development entities, including, without limitation, minority-owned community development entities and those that have not entered into an allocation agreement with the Community Development […]
NRS 231A.030 – Definitions.
As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 231A.040 to 231A.145, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2013, 3446; A 2019, 4364)
NRS 231A.040 – “Applicable percentage” defined.
“Applicable percentage” means 0 percent for the first two credit allowance dates, 12 percent for the next three credit allowance dates and 11 percent for the next two credit allowance dates. (Added to NRS by 2013, 3446)
NRS 231A.050 – “Credit allowance date” defined.
“Credit allowance date” means, with respect to any qualified equity investment: 1. The date on which the investment is initially made; and 2. Each of the six anniversary dates immediately following the date on which the investment is initially made. (Added to NRS by 2013, 3446)
NRS 231A.060 – “Department” defined.
“Department” means the Department of Business and Industry. (Added to NRS by 2013, 3446)
NRS 231A.070 – “Director” defined.
“Director” means the Director of the Department. (Added to NRS by 2013, 3446)
NRS 231A.075 – “Fresh food retailer” defined.
1. “Fresh food retailer” means a retail establishment, whether organized for profit or not for profit, which is principally devoted to the sale of meat, seafood, fresh fruits and vegetables, dairy products, dry groceries and household products or which derives a substantial amount of its gross revenue from the sale of such products. 2. The […]
NRS 231A.080 – “Liability for insurance premium tax” defined.
“Liability for insurance premium tax” means any liability incurred by any entity under NRS 680A.330 or 680B.025 to 680B.039, inclusive, or, if the tax liability under NRS 680A.330 or 680B.025 to 680B.039, inclusive, is eliminated or reduced, any tax liability to the Department of Taxation that is imposed on an insurance company or other person […]
NRS 231A.090 – “Long-term debt security” defined.
“Long-term debt security” means any debt instrument which qualifies as such pursuant to NRS 231A.160. (Added to NRS by 2013, 3446)
NRS 231A.100 – “Purchase price” defined.
“Purchase price” means the amount paid to the issuer of a qualified equity investment for the qualified equity investment. (Added to NRS by 2013, 3446)
NRS 231A.110 – “Qualified active low-income community business” defined.
1. “Qualified active low-income community business” has the meaning ascribed to it in section 45D of the Internal Revenue Code of 1986, 26 U.S.C. § 45D, and 26 C.F.R. § 1.45D-1. 2. The term is limited to qualified fresh food retailers and those businesses specified in NRS 231A.170. (Added to NRS by 2013, 3447; A […]
NRS 231A.120 – “Qualified community development entity” defined.
“Qualified community development entity” has the meaning ascribed to it in section 45D of the Internal Revenue Code of 1986, 26 U.S.C. § 45D, but is limited to such an entity specified in NRS 231A.180. (Added to NRS by 2013, 3447)
NRS 231A.130 – “Qualified equity investment” defined.
1. “Qualified equity investment” means any equity investment in, or long-term debt security issued by, a qualified community development entity that: (a) Except as otherwise provided in this section, is acquired after October 1, 2013, solely in exchange for cash at the original issuance of the equity investment; (b) Has at least 85 percent of […]
NRS 231A.135 – “Qualified fresh food retailer” defined.
“Qualified fresh food retailer” means a business that is: 1. A fresh food retailer; 2. A business described in section 45D(d)(2) of the Internal Revenue Code of 1986, 26 U.S.C. § 45D(d)(2), and 26 C.F.R. § 1.45D-1(d)(4); and 3. Located in: (a) An underserved community; (b) A severely distressed census tract, as defined in NRS […]
NRS 231A.140 – “Qualified low-income community investment” defined.
“Qualified low-income community investment” means any capital or equity investment in, or loan to, any qualified active low-income community business. (Added to NRS by 2013, 3447)
NRS 231A.145 – “Underserved community” defined.
“Underserved community” means a census tract determined to be an area with low supermarket access by either the United States Department of Agriculture as identified in the Food Access Research Atlas or through a methodology that has been adopted for use by another governmental or philanthropic healthy food initiative. (Added to NRS by 2019, 4364)
NRS 231A.150 – Regulations.
The Director may adopt regulations to carry out the provisions of this chapter. (Added to NRS by 2013, 3454)
NRS 231A.160 – Qualifications for long-term debt security.
To qualify as long-term debt security, a debt instrument must be issued by a qualified community development entity, at par value or a premium, with an original maturity date of at least 7 years after the date of its issuance, with no acceleration of repayment, amortization or prepayment features before its original maturity date. The […]
NRS 231A.170 – Qualified active low-income community business: Qualification; limitations; exclusions.
1. For the purpose of NRS 231A.110, a qualified active low-income community business is limited to those businesses meeting the Small Business Administration size eligibility standards established in 13 C.F.R. §§ 121.101 to 201, inclusive, at the time the qualified low-income community investment is made. A business must be considered a qualified active low-income community […]