NV AB362

Imposes taxes on the sale or transfer of a controlling interest (more than 50% ownership) in any entity possessing real property in Nevada when the property value exceeds $100, at rates of $1.25 per $500 in counties with population 700,000+ and 65 cents per $500 in smaller counties, plus an additional $1.30 per $500 statewide

Tax returns must be filed by the person receiving the controlling interest with the county recorder by the last day of the month following the transfer, identifying each property parcel and its estimated fair market value

Exempts transfers to government entities, transfers between former spouses per divorce decrees, transfers to/from trusts without consideration, unpatented mining claims, and transfers to wholly-owned corporations or business organizations

Revenue is distributed to the Account for Affordable Housing (10 cents per $500), county school district capital projects in large counties (60 cents per $500), State General Fund ($1.30 per $500), Local Government Tax Distribution Account, and Division of Plant Health and Compliance for invasive species control

County recorders may withhold 2% of State General Fund-designated taxes for the first 5 years (until October 1, 2030) and 1% thereafter to cover collection costs; willful false declaration of property value constitutes a misdemeanor with a 25% penalty