NV SB430

Housing Division of the Department of Business and Industry authorized to approve transferable tax credits and tax abatements for projects constructing at least 100 single-family residences sold at direct cost to households earning less than 130% of area median income

Transferable tax credits equal the financial assistance provided to homebuyers and expire 4 years after issuance; employer excise tax abatements last up to 10 years and local sales/use tax abatements up to 20 years

Initial owners of qualifying single-family residences exempt from property taxes while occupying the home; initial property transfers exempt from real property transfer taxes; exemption applications prohibited after July 1, 2055

Initial purchasers prohibited from selling the residence to corporations, limited-liability companies, or their affiliates

Project sponsors must repay tax credits and abatements if found ineligible; Secretary of State may revoke business licenses for non-compliance; provisions expire October 1, 2055