Section 360.896 - Notice to Department of used transferable tax credits and false statement or representation made by project sponsor in application or of failure to comply with certain requirements; issuance of notice of liability; notice to Department of fraudulent information submitted by transferee; transferable tax credits subject to forfeiture or repayment1. The Division shall notify the Department if the Division finds that:(a) A transferee has used transferable tax credits; and(b) The project sponsor who obtained the transferable tax credits used by the transferee: (1) Submitted a false statement or made a false representation when applying for the transferable tax credits; or(2) Failed to comply with the requirements of NRS 360.860 to 360.870, inclusive.2. Upon receipt of a notification pursuant to subsection 1, the Department shall issue a notice of liability to the project sponsor for any portion of the transferable tax credits to which the project sponsor is not entitled.3. The Division shall notify the Department if the Division finds that a transferee submitted fraudulent information in connection with the purchase of transferable tax credits. Such transferable tax credits will be subject to forfeiture or repayment by the transferee to the Department for any portion to which the transferee is not entitled.Nev. Admin. Code § 360.896
Added to NAC by Tax Comm'n by R074-20, eff. 4/11/2022