Section 374.358 - [Effective until 7/1/2032] Abatement for eligible machinery or equipment used by new or expanded businesses located in certain areas of economic development1. A person who maintains a business or intends to locate a business in a historically underutilized business zone, as defined in 15 U.S.C. § 632, redevelopment area created pursuant to NRS 279.382 to 279.687, inclusive, area eligible for a community development block grant pursuant to 24 C.F.R. Part 570 or enterprise community established pursuant to 24 C.F.R. Part 597 in this State may, pursuant to the applicable provisions of NRS 274.310, 274.320 or 274.330, 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 274.310, 274.320 or 274.330.2. If an application for an abatement is approved pursuant to NRS 274.310, 274.320 or 274.330: (a) The taxpayer is eligible for an abatement from the tax imposed by this chapter for a duration of not less than 1 year but not more than 5 years.(b) The abatement must be administered and carried out in the manner set forth in the applicable provisions of NRS 274.310, 274.320 or 274.330.3. 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 2013, 27th Special Session, 18; A 2015, 3050Amended by 2015, Ch. 498,§6.5, eff. 1/1/2016, expires 12/31/2032.Added to NRS by 2013, 27th Special Session, 18