SB385 revises provisions for transferable tax credits and tax abatements in Nevada.
SB385 revises provisions relating to certain transferable tax credits and certain tax abatements in Nevada. It mandates that applicants for tax credits or abatements must enter into an agreement with the Office of Economic Development, including a workforce development plan. The bill specifies that businesses must meet certain criteria, such as wage levels and employment growth, to qualify for tax credits or abatements. It also outlines the conditions under which businesses must repay credits or abatements if they fail to meet eligibility requirements or cease operations.
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