Section 374.357 - Abatement for eligible machinery or equipment used by certain new or expanded businesses1. A person who maintains a business or intends to locate a business in this State may, pursuant to NRS 360.750, apply to the Office of Economic Development for an abatement from the taxes imposed by this chapter on the gross receipts from the sale, and the storage, use or other consumption, of eligible machinery or equipment for use by a business which has been approved for an abatement pursuant to NRS 360.750.2. If an application for an abatement is approved pursuant to NRS 360.750: (a) The taxpayer is eligible for an abatement from the tax imposed by this chapter for not more than 2 years.(b) The abatement must be administered and carried out in the manner set forth in NRS 360.750.3. As used in this section, unless the context otherwise requires, "eligible machinery or equipment" means machinery or equipment for which a deduction is authorized pursuant to 26 U.S.C. § 179. The term does not include: (a) Buildings or the structural components of buildings;(b) Equipment used by a public utility;(c) Equipment used for medical treatment;(d) Machinery or equipment used in mining; or(e) Machinery or equipment used in gaming.Added to NRS by 1995, 744; A 1999, 1748; 2001, 1583; 2003, 2925, 2927; 2007, 3384; 2011, 3468Added to NRS by 1995, 744; A 1999, 1748; 2001, 1583; 2003, 2925, 2927; 2007, 3384; 2011, 3468, effective 7/1/2012