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 Nevada Administrative Code (Last Updated: January 6, 2015)
 Chapter231A Nevada New Markets Jobs Act

  NAC231A.100. Recapture: Provisions of subsection 3 of NRS 231A.250 interpreted.  

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  • For the purposes of subsection 3 of NRS 231A.250, the Department will interpret the requirements of that subsection to apply only to the amount of the qualified equity investment regarding which a qualified community development entity has certified qualified equity investment authority. In accordance with the requirements of subsection 3 of NRS 231A.250 as interpreted by the Department pursuant to this section:

         1. If a qualified community development entity applies for and receives certification pursuant to NRS 231A.230 for a qualified equity investment and the qualified community development entity does not transfer, pursuant to subsection 6 of NRS 231A.230, any portion of its certified qualified equity investment authority regarding the qualified equity investment, the qualified community development entity must invest and maintain invested as required by subsection 3 of NRS 231A.250 an amount equal to 85 percent or more of the original amount of the qualified equity investment which is certified by the Department pursuant to subsection 3 of NRS 231A.230 and for which cash is received in accordance with subsection 7 of NRS 231A.230.

         2. If a qualified community development entity transfers, pursuant to subsection 6 of NRS 231A.230, all or a portion of its certified qualified equity investment authority regarding a qualified equity investment to another qualified community development entity:

         (a) The transferee must invest and maintain invested as required by subsection 3 of NRS 231A.250 an amount equal to 85 percent or more of the portion of the qualified equity investment regarding which the transferee received certified qualified equity investment authority and for which cash is received in accordance with subsection 7 of NRS 231A.230.

         (b) The transferor must invest and maintain invested as required by subsection 3 of NRS 231A.250 an amount equal to 85 percent or more of the portion of the qualified equity investment regarding which the transferor retained certified qualified equity investment authority and for which cash is received in accordance with subsection 7 of NRS 231A.230.

     (Added to NAC by Dep’t of Business & Industry by R103-13, eff. 6-23-2014)