Nevada AB62 revises rules for affordable housing tax credits, including application timing, credit transfer, and approval limits.

Nevada AB62 modifies the process for applying for transferable tax credits for affordable housing. It requires final applications to be submitted 15 days before project closing, down from 45 days. The bill allows project sponsors to transfer credits to affiliates and mandates the Division to notify relevant agencies of issued and transferred credits. It authorizes the Division to approve up to $13 million in credits per fiscal year if necessary for maximum housing development, with a cap of $100 million total credits over all fiscal years.

Nevada AB62 revises rules for affordable housing tax credits, including application timing, credit transfer, and approval limits.

Nevada AB62 modifies the process for applying for transferable tax credits for affordable housing. It requires final applications to be submitted 15 days before project closing, down from 45 days. The bill allows project sponsors to transfer credits to affiliates and mandates the Division to notify relevant agencies of issued and transferred credits. It authorizes the Division to approve up to $13 million in credits per fiscal year if necessary for maximum housing development, with a cap of $100 million total credits over all fiscal years.