NV SB364

Qualified businesses constructing, operating, or maintaining railroad tracks, railroad spurs, and related infrastructure in Nevada may apply to the Office of Economic Development for partial abatement of property taxes, local sales and use taxes, or modified business taxes for up to 10 years.

Applicants must meet eligibility requirements including paying at least 100% of the average statewide hourly wage, offering health insurance with dependent coverage, hiring at least 10 new full-time employees (or increasing workforce by 10% or 6 employees for existing businesses), and making at least $250,000 in new capital investment or maintaining $5,000,000 in tangible personal property.

Local School Support Tax abatements require approval by two-thirds of the Board of Economic Development, and all abatement applications must be considered at public meetings with 30 days advance notice to affected local governments.

Businesses that fail to meet eligibility requirements or cease operations before the agreed period must repay the abatement amount plus interest to the Department of Taxation or county treasurer.

The abatement provisions expire by limitation on June 30, 2045, and the Office of Economic Development must include these abatements in biennial legislative reports and cost-benefit analyses.