Section 360.847 - Issuance, transfer and application of transferable tax credits: Required notices to Department1. If the Office certifies the audit provided by a production company pursuant to paragraph (a) of subsection 2 of NAC 360.840 and determines that all other requirements for transferable tax credits have been met, at the same time that the Office notifies the production company that transferable tax credits will be issued, the Office shall notify the Department that the transferable tax credits will be issued. The notice must provide the name of the production company and the amount of transferable tax credits that will be issued.2. Upon receipt of the irrevocable declaration filed by a production company pursuant to subsection 6 of NRS 360.759 to declare the amount of transferable tax credits that will be applied to each tax or fee set forth in subsection 1 of NRS 360.759, the Office shall forward to the Department a copy of the certificate of transferable tax credits which: (a) Identifies the amount of transferable tax credits to be applied to the taxes imposed by chapters 363A, 363B and 680B of NRS, segregated by the amount of credit to be applied to each of those taxes; and(b) Accounts for all of the credits which will be applied to those taxes.3. Within 5 calendar days after receiving notice from a production company of the transfer of transferable tax credits pursuant to subsection 6 of NRS 360.759, the Office shall notify the Department of all transferable tax credits transferred, segregated by each credit applied to the taxes imposed by chapter 363A, 363B or 680B of NRS. The notification must include, without limitation: (a) Contact information for the current holder of the transferable tax credits and each person to whom the transferable tax credits will be transferred;(b) The current state of residence of the current holder of the transferable tax credits and each person to whom the transferable tax credits will be transferred;(c) The dollar amount of the transfer; and(d) The proposed date of the transfer.4. A holder of the transferable tax credits, other than the production company, who intends to transfer any credit applied to the taxes imposed by chapter 363A, 363B or 680B of NRS must notify the Department of all such credits to be transferred, segregated by each credit applicable to the taxes set forth in chapters 363A, 363B and 680B of NRS. The notification must include, without limitation: (a) Contact information for the current holder of the transferable tax credits and each person to whom the transferable tax credits will be transferred;(b) The current state of residence of the current holder of the transferable tax credits and each person to whom the transferable tax credits will be transferred;(c) The dollar amount of the transfer; and(d) The proposed date of the transfer.5. A holder of transferable tax credits who is applying such a credit to an amount of taxes due pursuant to chapter 363A, 363B or 680B of NRS shall include with the applicable return a form provided by the Department that indicates the amount of credit applied to the taxes due for that return.6. A return in which any transferable tax credits are applied to a tax due pursuant to chapter 363A, 363B or 680B of NRS must be mailed to the Department at the following address: Film Tax Credit Return Processing
Nevada Department of Taxation
1550 College Parkway, Suite 115
Carson City, NV 89706
7. The amount of credit claimed in a single tax return may not exceed the amount of tax due for that return.Nev. Admin. Code § 360.847
Added to NAC by Tax Comm'n by R134-13, eff. 10/24/2014; A by R062-22A, eff. 2/13/2023