Section 231A.100 - Recapture: Provisions of subsection 3 of NRS 231A.250 interpretedFor the purposes of subsection 3 of NRS 231A.250, as amended by section 19 of Senate Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3363, the Department will interpret the requirements of that subsection to apply only to the amount of the qualified equity investment or impact qualified equity investment regarding which a qualified community development entity or impact qualified community development entity has certified investment authority. In accordance with the requirements of subsection 3 of NRS 231A.250, as amended by section 19 of Senate Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3363, and as interpreted by the Department pursuant to this section:
1. If a qualified community development entity or impact qualified community development entity applies for and receives certification pursuant to NRS 231A.230, as amended by section 16 of Senate Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3360, for a qualified equity investment or impact qualified equity investment and the entity does not transfer, pursuant to subsection 7 of NRS 231A.230, as amended by section 16 of Senate Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3360, any portion of its certified investment authority regarding the qualified equity investment or impact qualified equity investment, the entity must invest and maintain invested as required by subsection 3 of NRS 231A.250, as amended by section 19 of Senate Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3363, an amount equal to 85 percent or more of the original amount of the qualified equity investment or impact qualified equity investment which is certified by the Department pursuant to subsection 3 of NRS 231A.230, as amended by section 16 of Senate Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3360, and for which cash is received in accordance with subsection 8 of NRS 231A.230, as amended by section 16 of Senate Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3360.2. If a qualified community development entity or impact qualified community development entity transfers, pursuant to subsection 7 of NRS 231A.230, as amended by section 16 of Senate Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3360, all or a portion of its certified investment authority regarding a qualified equity investment or impact qualified equity investment to another qualified community development entity or impact qualified community development entity: (a) The transferee must invest and maintain invested as required by subsection 3 of NRS 231A.250, as amended by section 19 of Senate Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3363, an amount equal to 85 percent or more of the portion of the qualified equity investment or impact qualified equity investment regarding which the transferee received certified investment authority and for which cash is received in accordance with subsection 8 of NRS 231A.230, as amended by section 16 of Senate Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3360.(b) The transferor must invest and maintain invested as required by subsection 3 of NRS 231A.250, as amended by section 19 of Senate Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3363, an amount equal to 85 percent or more of the portion of the qualified equity investment or impact qualified equity investment regarding which the transferor retained certified investment authority and for which cash is received in accordance with subsection 8 of NRS 231A.230, as amended by section 16 of Senate Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3360.Nev. Admin. Code § 231A.100
Added to NAC by Dep't of Business & Industry by R103-13, eff. 6-23-2014; A by R036-23A, eff. 4/19/2024NRS 231A.150, 231A.250, as amended by section 19 of Senate Bill No. 240, chapter 517, Statutes of Nevada 2023, at page 3363