Read the full stored bill text
- 83rd Session (2025)
Assembly Bill No. 301–Assemblymembers
Goulding; and La Rue Hatch
CHAPTER..........
AN ACT relating to community development; requiring certain
records to be maintained by the board of trustees of certain
general improvement districts; increasing the compensation
of the board of trustees of certain general improvement
districts; requiring a general improvement district created for
acquiring television maintenance facilities to report certain
information annually to the board of county commissioners
of the county in which the district is located; exempting
certain general improvement districts from an annual
publication of certain notices of budget adoption and filing;
revising provisions governing the procedure for applying for
transferable tax credits for affordable housing and the transfer
of su ch tax credits; and providing other matters properly
relating thereto.
Legislative Counsel’s Digest:
Existing law authorizes, under certain circumstances, the creation of a general
improvement district to provide certain governmental services and faciliti es to the
residents of the district. (NRS 318.116) Existing law requires the secretary of the
board of a district to keep in a well -bound book a record of all of the board’s
proceedings, minutes of all meetings, any certificates, contracts, bonds given by
employees and all corporate acts. (NRS 318.085) Section 1 of this bill eliminates
the requirement to keep this information in a well -bound book but still requires the
secretary to keep such information. Section 1 requires the secretary to also keep a
record of budgets and any other information or records necessary for carrying out
the duties of the board.
Existing law requires the treasurer of the board to keep strict and accurate
accounts of all money received by and disbursed for and on behalf of the di strict in
permanent records. (NRS 318.085) Section 1 provides that this information
includes all audits and financial statements of the district.
Section 1 also provides that all records of the board’s actions, including,
without limitation, minutes, budg ets, audits and financial statements, must be: (1)
published on the Internet website maintained by the board; or (2) provided to the
county in which the district is located for publication on the Internet website of the
county.
Existing law further sets the maximum compensation of a member of a board of
a district to not more than : (1) $6,000 per year; or (2) $9,000 per year if the board
of a district has been granted certain powers relating to acquiring sanitary sewer
improvements, collection and disposa l of garbage and refuse and supply, storage
and distribution of water for private and public purposes. (NRS 318.085) Section 1
increases the compensation each member of a board of a district granted such
powers may receive from not more than $9 ,000 per year to not more than $14,500
per year.
Existing law gives the board of a district created wholly or in part for acquiring
television maintenance facilities certain powers. (NRS 318.1192) Section 3 of this
bill requires the board of such a distric t to submit an annual report to the board of
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county commissioners of the county in which the district is located that sets forth,
without limitation: (1) the budget and expenditures of the district; (2) the status of
the equipment of the district; (3) the status of any license held by the district; (4) a
recommendation as to whether the continuation of the district is necessary; and ( 5)
any information necessary for the board of county commissioners to review the
work of the board and determine whether the board is achieving its statutory
purpose.
Existing law authorizes certain special districts, including general improvement
districts, with annual total expenditures of less than $300,000 to petition the
Department of Taxation for exemption from the requir ements of the Local
Government Budget and Finance Act (NRS 354.470 -354.626) for the filing of
certain budget documents and audit reports. Existing law further provides that if an
exemption is granted by the Department, the special district is exempt from a ll
publication requirements of the Local Government Budget and Finance Act, except
that the Department of Taxation by regulation shall require an annual publication of
a notice of budget adoption and filing. (NRS 354.475) Section 4 of this bill
provides that if a petition filed by a general improvement district is granted by the
Department, the board of the general improvement district is exempt from all
publication requirements of the Local Government Budget and Finance Act but is
required publish the dist rict’s budget, financial statements and audits that are
required by section 1.
Existing law authorizes the Housing Division of the Department of Business
and Industry to issue transferable tax credits, which are authorized to be taken
against certain sta te taxes, to the sponsor of a project for the acquisition,
development, construction, improvement , expansion, reconstruction or
rehabilitation of a qualified low-income housing project, as defined by existing
federal law. (NRS 360.860 -360.870; 26 U.S.C. § 42(g)) Under existing law, to be
issued transferable tax credits, the project sponsor is required to: (1) apply to, and
obtain from, the Division a reservation of an amount of transferable tax credits; (2)
close the project within a certain period after ob taining a reservation of transferable
tax credits by acquiring title to the project site, entering into an agreement with a
licensed contractor to construct the project and obtaining certain financing for the
project; and (3) submit to the Division a final application for the issuance of
transferable tax credits not less than 45 days before the project closes. A project
sponsor that is issued transferable tax credits is authorized to transfer the credits to
another entity, which may transfer those transfera ble tax credits to one or more of
its subsidiaries or affiliates. (NRS 360.867)
Section 5 of this bill: (1) requires, with certain exceptions, a final application
for the issuance of transferable tax credits to be submitted not less than 15 days
before the closing of the project rather than not less than 45 days before the closing
of the project; (2) authorizes a project sponsor to demonstrate the acquisition of the
land to close the project by entering into a long -term ground lease for the project
site; and (3) authorizes a project sponsor to transfer transferable tax credits to a
member or partner of the project sponsor to any other entity, who may then transfer
the transferable tax credits to another entity.
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EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted.
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN
SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Section 1. NRS 318.085 is hereby amended to read as follows:
318.085 Except as otherwise provided in NRS 318.0953 and
318.09533:
1. After taking oaths and filing bonds, the board shall choose
one of its members as chair of the board and president of the district,
and shall elect a secretary and a treasurer of the board and of the
district, who may or may not be members of the board. The
secretary and the treasurer may be one person.
2. The board shall adopt a seal.
3. The secretary shall keep audio recordings or transcripts of all
meetings and [, in a well-bound book,] a record of all of the board’s
proceedings, minutes of all meetings, budgets, any certificates,
contracts, bonds given by employees , [and] all corporate acts [.]
and any other information or record s necessary for carrying out
the duties of the board. Except as otherwise provided in NRS
241.035, [the book,] audio recordings, transcripts and records must
be open to inspection of all owners of real property in the district as
well as to all other intere sted persons. A copy of the minutes or
audio recordings must be made available to a member of the public
upon request at no charge pursuant to NRS 241.035.
4. The treasurer shall keep strict and accurate accounts of all
money received by and disbursed fo r and on behalf of the district ,
including, without limitation, all audits and financial statements,
in permanent records. The treasurer shall file with the county clerk,
at the expense of the district, a corporate surety bond in an amount
not more than $ 50,000, the form and exact amount thereof to be
approved and determined, respectively, by the board of county
commissioners, conditioned for the faithful performance of the
duties of his or her office. Any other officer or trustee who actually
receives or disburses money of the district shall furnish a bond as
provided in this subsection. The board of county commissioners
may, upon good cause shown, increase or decrease the amount of
that bond.
5. All records of the board’s actions, including, without
limitation, minutes, budgets, audits and financial statements, must
be:
(a) Published on the Internet website maintained by the board;
or
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(b) Provided to the county in which the district is located for
publication on the Internet website of the county. All information
provided to the county pursuant to this paragraph must be
submitted in a format that allows for publishing in accordance
with Title II of the Americans with Disabilities Act.
6. Except as otherwise provided in this subsection, each
member of a board of trustees of a district organized or reorganized
pursuant to this chapter may receive as compensation for his or her
service not more than $6,000 per year. Each member of a board of
trustees of a district that is organized or reorganized pursuan t to this
chapter and which is granted the powers set forth in NRS 318.140,
318.142 and 318.144 may receive as compensation for his or her
service not more than [$9,000] $14,500 per year.
7. The compensation of the members of a board is payable
monthly, if the budget is adequate and a majority of the members of
the board vote in favor of such compensation, but no member of the
board may receive any other compensation for his or her service to
the district as an employee or otherwise. Each member of the b oard
must receive the same amount of compensation. If a majority of the
members of the board vote in favor of an increase in the
compensation of the trustees, the increase may not become effective
until January 1 of the calendar year immediately following the next
biennial election of the district as set forth in NRS 318.095.
[6.] 8. As used in this section, “compensation” does not
include any contribution made to the Public Employees’ Retirement
System on behalf of a member of the board of trustees.
Sec. 2. (Deleted by amendment.)
Sec. 3. NRS 318.1192 is hereby amended to read as follows:
318.1192 1. In the case of a district created wholly or in part
for acquiring television maintenance facilities, the board shall have
power to:
[1.] (a) Acquire television broadcast, transmission and relay
improvements and construct and operate a video service network
pursuant to chapter 711 of NRS.
[2.] (b) Levy special assessments against specially b enefited
real property on which are located television receivers operated
within the district and able to receive television broadcasts supplied
by the district.
[3.] (c) Fix tolls, rates and other service or use charges for
services furnished by the dist rict or facilities of the district,
including, without limitation, any one, all or any combination of the
following:
[(a)] (1) Flat rate charges;
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[(b)] (2) Charges classified by the number of receivers;
[(c)] (3) Charges classified by the value of property served by
television receivers;
[(d)] (4) Charges classified by the character of the property
served by television receivers;
[(e)] (5) Minimum charges;
[(f)] (6) Stand-by charges; or
[(g)] (7) Other charges based on the availability of service.
[4.] 2. The district shall not have the power in connection with
the basic power stated in this section to borrow money which loan is
evidenced by the issuance of any general obligation bonds or other
general obligations of the district.
3. The board of the district shall submit an annual report to
the board of county commissioners of the county in which the
district is located. The annual report must set forth, without
limitation:
(a) The budget and expenditures of the district;
(b) The status of the equipment of the district;
(c) The status of any license held by the district;
(d) A recommendation as to whether the continuation of the
district is necessary; and
(e) Any information necessary for the board of county
commissioners to revie w the work of the board and determine
whether the board is achieving its statutory purpose.
Sec. 4. NRS 354.475 is hereby amended to read as follows:
354.475 1. All special districts subject to the provisions of
the Local Government Budget and Finance Act with annual total
expenditures of less than $300,000 may petition the Department of
Taxation for exemption from the requirements of the Local
Government Budget and Finance Act for the filing of certain budget
documents and audit reports. Such districts may further petition to
use a cash basis of accounting.
2. A special district subject to the provisions of the Local
Government Budget and Finance Act with budgeted annual total
expenditures of $300,000 or more in a f iscal year that reasonably
anticipates its actual annual total expenditures for that fiscal year
will be less than $300,000 may petition the Department of Taxation
for a conditional exemption from the requirement of providing for
an annual audit pursuant t o NRS 354.624 for that fiscal year. If the
actual annual total expenditures of the special district are $300,000
or more, the special district shall provide for an annual audit for that
fiscal year.
3. A petition filed with the Department of Taxation:
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(a) Pursuant to subsection 1 must be received by the Department
of Taxation on or before March 1 to be effective for the succeeding
fiscal year; or
(b) Pursuant to subsection 2 must be received by the Department
of Taxation on or before March 1 to be effec tive for the current
fiscal year.
4. A board of county commissioners may request the
Department of Taxation to audit the financial records of a special
district that is exempt from the requirement of providing for an
annual audit pursuant to this section.
5. If a petition filed by a special district pursuant to subsection
1 is granted by the Department of Taxation:
(a) The minimum required of the special district is the filing
with the Department of Taxation of an annual budget on or before
April 15 of each year and the filing of fiscal reports in accordance
with NRS 354.6015; and
(b) The special district is exempt from all publication
requirements of the Local Government Budget and Finance Act,
except that the Department of Taxation by regulation shal l require
an annual publication of a notice of budget adoption and filing. If a
petition filed by a general improvement district pursuant to
subsection 1 is granted by the Department of Taxation, the board
of the general improvement district is exempt from all publication
requirements of the Local Government Budget and Finance Act
but shall publish the district’s budget, financial statements and
audits that are described in NRS 318.085.
6. The Committee on Local Government Finance shall adopt
regulations pursuant to NRS 354.594 which are necessary to carry
out the purposes of this section.
7. The revenue recorded in accounts that are kept on a cash
basis must consist of cash items.
8. As used in this section, “cash basis” means the system of
accounting under which revenues are recorded only when received
and expenditures or expenses are recorded only when paid.
Sec. 5. NRS 360.867 is hereby amended to read as follows:
360.867 1. On behalf of a project, the p roject sponsor may
apply to the Division for a certificate of eligibility for transferable
tax credits which may be applied to:
(a) Any tax imposed by chapter 363A or 363B of NRS;
(b) The gaming license fees imposed by the provisions of
NRS 463.370;
(c) Any tax imposed by chapter 680B of NRS; or
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(d) Any combination of the fees and taxes described in
paragraphs (a), (b) and (c).
2. To apply for a certificate of eligibility for transferable tax
credits, the project sponsor must:
(a) Submit an application on a form prescribed by the Division;
and
(b) Comply with the requirements to obtain an allocation of
federal low -income housing tax credits which are set forth in the
qualified allocation plan.
3. The Division shall:
(a) Review each application for a certificate of eligibility for
transferable tax credits submitted pursuant to subsection 2 and any
supporting documents to determine whether the requirements for
eligibility for a reservation of transferable tax credits are met and the
amount of transferable tax credit threshold points awarded to the
project;
(b) Determine the amount of transferable tax credits for which
the project may be eligible, which amount must equal the amount
determined by the Division to be necessary to make the project
financially feasible after considering all other sources of financing
for the project; and
(c) Reserve the amount of transferable tax credits for which each
project is determined to be eligible pursuant to paragraph (b) in the
order o f the amount of transferable tax credit threshold points
awarded to each such project pursuant to paragraph (a) until a
reservation is made for each project or the amount of transferable
credits reserved for the fiscal year is equal to the amount of
transferable tax credits which the Division is authorized to approve
for the fiscal year pursuant to NRS 360.868, whichever occurs first.
If the amount of transferable tax credits reserved for the fiscal year
reaches the amount of transferable tax credits which the Division is
authorized to approve for the fiscal year pursuant to NRS 360.868
before each eligible project is reserved the full amount of
transferable tax credits for which it is determined to be eligible
pursuant to paragraph (b), the Division may tak e any action that the
Division determines will ensure the maximum development of
affordable housing in this State, including, without limitation,
proportionally reducing the reservation of each project for which
transferable tax credits are reserved or res erving for the last project
to receive a reservation of transferable tax credits an amount of
transferable tax credits that is less than the full amount of
transferable tax credits for which the project was determined to be
eligible pursuant to paragraph (b).
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4. If the Division reserves transferable tax credits for a project
pursuant to subsection 3, the Division shall provide written notice of
the reservation which identifies the amount of the tax credits
reserved for the project to:
(a) The project sponsor;
(b) The Department;
(c) The Nevada Gaming Control Board;
(d) The Office of Finance; and
(e) The Fiscal Analysis Division of the Legislative Counsel
Bureau.
5. The Division:
(a) Shall terminate a reservation of transferable tax credits if the
project for which the reservation is awarded is not closed within
the period specified in paragraph (a) of subsection 6 unless, before
the expiration of that period, the Division receives from the project
sponsor a written request for an extension of not m ore than 45 days.
The Division may grant only one extension pursuant to this
paragraph and, if the project is not closed before the expiration of
the extension period, the Division must terminate the reservation of
transferable tax credits. A request for a n extension submitted
pursuant to this paragraph must be accompanied by proof
satisfactory to the Division that:
(1) The requirements for financing the project have been
substantially completed;
(2) The delay in closing was the result of circumstances that
could not have been anticipated by and were outside the control of
the project sponsor at the time the application was submitted by the
project sponsor; and
(3) The project will be closed not later than 45 days after the
Division receives the request.
(b) May terminate a reservation of transferable tax credits if the
Division determines that any event, circumstance or condition
occurs for which a reservation of federal low -income housing tax
credits may be terminated. If transferable tax credits are terminated
pursuant to this paragraph, the Division may issue a reservation for
the amount of transferable tax credits terminated to other projects
eligible for transferable tax credits in the order of the amount of
transferable tax credit threshold points awarded to each such project
pursuant to paragraph (a) of subsection 3.
6. Except as otherwise provided in this section, to be issued
transferable tax credits:
(a) Not later than 270 days after the Division provides written
notice of the reservation o f transferable tax credits pursuant to
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subsection 4, the project sponsor must demonstrate to the Division
that the project has been closed by providing proof satisfactory to
the Division that the project sponsor has:
(1) Purchased and holds title in fee simple to , or has entered
into a long -term ground lease for, the project site in the name of
the project sponsor.
(2) Entered into a written agreement with a contractor who is
licensed in this State to begin construction.
(3) Obtained adequate financi ng for the construction of the
project. The applicant must provide written commitments or
contracts from third parties.
(4) Executed a written commitment for a loan for permanent
financing for the construction of the project in an amount that
ensures the financial feasibility of the project. The commitment may
be subject to the condition that the construction is completed and the
project is appraised for an amount sufficient to justify the loan in
accordance with the requirements of the lender for credit. If the
project is a rural development project that receives loans or grants
from the United States Department of Agriculture, the applicant
must provide a form approved by the Division that indicates that
money has been obligated for the construction of t he project before
the expiration of the period. An advance of that money is not
required before the expiration of the period.
(b) Not less than [45] 15 days before the project is closed, the
project sponsor must submit to the Division a final application for
transferable tax credits on a form provided by the Division and such
other information as the Division deems necessary to determine
whether the project qualifies for the issuance of transferable tax
credits. Upon receipt of a final application pursuant to this
paragraph, the Division shall complete a review of the project and
the project sponsor. If, after such review, the Division determines
that the project complies with the requirements upon which
transferable tax credits were reserved pursuant to th is section and a
declaration of restrictive covenants and conditions will be recorded
in the office of the county recorder for the county in which the
project is located:
(1) The Division shall:
(I) Determine the appropriate amount of transferable tax
credits for the project, which must be the amount the Division
determines is necessary to make the project financially feasible after
all other sources of funding are allocated and paid toward the final
cost of the project and may not exceed the amount of transferable
tax credits reserved for the project pursuant to this section; and
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(II) Notify the project sponsor that the transferable tax
credits will be issued;
(2) Within 30 days after the receipt of the notice, the project
sponsor shall make an i rrevocable declaration of the amount of
transferable tax credits that will be applied to each fee or tax set
forth in subsection 1, thereby accounting for all of the credits which
will be issued; and
(3) Upon receipt of the declaration described in subparagraph
(2), the Division shall issue transferable tax credits to the project
sponsor in the amount approved by the Division. The project
sponsor may transfer the transferable tax credits to a member or
partner of the project sponsor or to any other entity . The project
sponsor shall notify the Division upon transferring any transferable
tax credits. An entity to which a project sponsor transfers any
transferable tax credits may transfer those transferable tax credits to
one or more of its subsidiaries or af filiates and shall notify the
Division upon making any such transfer. The Division shall notify
the Department of Taxation, the Office of Finance, the Fiscal
Analysis Division of the Legislative Counsel Bureau and the
Nevada Gaming Control Board of all tra nsferable tax credits issued,
segregated by each fee or tax set forth in subsection 1, and of all
transferable tax credits transferred, segregated by each fee or tax set
forth in subsection 1.
7. Upon completion of the project, the project sponsor shall
submit to the Division a certification of costs on a form provided by
the Division and such other information as the Division deems
necessary to determine the final cost of the project. If, based upon
the final cost of the project indicated in the certification of costs, the
Division determines that the amount of transferable tax credits
issued by the Division to the project sponsor is greater than the
amount of transferable tax credits to which the project sponsor is
entitled:
(a) The Division shall notify the project sponsor, the Department
of Taxation, the Office of Finance, the Fiscal Analysis Division of
the Legislative Counsel Bureau and the Nevada Gaming Control
Board that the project sponsor is required to repay the portion of the
transferable tax c redits to which the project sponsor is not entitled.
The notice must specify the amount of transferable tax credits that
the project sponsor is required to repay.
(b) The project sponsor shall repay to the Department of
Taxation or the Nevada Gaming Contr ol Board, as applicable, the
portion of the transferable tax credits to which the project sponsor is
not entitled.
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8. The project sponsor may submit a request to the
Administrator of the Division to protect from disclosure any
information in the applicat ion which, under generally accepted
business practices, would be considered a trade secret or other
confidential proprietary information of the business. After
consulting with the business, the Administrator of the Division shall
determine whether to prote ct the information from disclosure. The
decision of the Administrator of the Division is final and is not
subject to judicial review. If the Administrator of the Division
determines to protect the information from disclosure, the protected
information:
(a) Is confidential proprietary information of the business;
(b) Is not a public record;
(c) Must be redacted by the Administrator of the Division from
any copy of the application that is disclosed to the public; and
(d) Must not be disclosed to any perso n who is not an officer or
employee of the Division unless the lead participant consents to the
disclosure.
9. The Division may adopt any regulations necessary to carry
out the provisions of NRS 360.860 to 360.870, inclusive.
10. The Nevada Tax Commiss ion and the Nevada Gaming
Commission:
(a) Shall adopt regulations prescribing the manner in which
transferable tax credits described in this section will be
administered.
(b) May adopt any other regulations that are necessary to carry
out the provisions of NRS 360.860 to 360.870, inclusive.
11. As used in this section:
(a) “Affiliate” means a person who, directly or indirectly
through one or more intermediaries, controls, is controlled by or is
under common control with a specified person.
(b) “Certification of costs” means a report from an independent
certified public accountant attesting:
(1) To the amount of the actual costs of construction of the
project; and
(2) That those costs may be included in the eligible basis of
the project pursuant to the provisions of 26 U.S.C. § 42.
(c) “Subsidiary” means an entity in which a person owns
beneficially or of record 50 percent or more of the outstanding
equity interests.
(d) “Transferable tax credit threshold points” means points
awarded based o n specific objectives determined by the Division
through the dissemination of a strategic plan for the development of
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affordable housing created by the Division, the review of housing
data and the receipt of input from persons interested in the
development of affordable housing.
Sec. 6. 1. This section and section 5 of this act become
effective on July 1, 2025.
2. Sections 1 to 4, inclusive, of this act become effective on
October 1, 2025.
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