Section 360.263 - Power of Nevada Tax Commission to compromise liability of taxpayers under certain circumstances; regulations1. The Nevada Tax Commission may enter into a compromise with a taxpayer concerning the liability of the taxpayer for any tax, contribution, premium, fee, interest or penalty that the Department has determined the taxpayer is required to pay to the State if a majority of the members of the Nevada Tax Commission determine upon affirmative vote that: (a) It is unlikely that the Department will be able to collect the entire amount of the liability of the taxpayer;(b) The amount of the liability of the taxpayer is unclear; or(c) Such a compromise is appropriate based upon considerations of equity and fairness.2. The Nevada Tax Commission shall adopt regulations to carry out the provisions of this section.3. As used in this section, "compromise" means acceptance of an amount that is less than the liability as full satisfaction of that liability.Added to NRS by 2005, 546Added to NRS by 2005, 546