NAC372.040. Purchases of capital goods: Aggregation to defer payment of tax.

     1. The periods for which related purchases of capital goods made to expand a business, establish a new business, or renovate or replace capital equipment which may be aggregated to defer payment of the tax are:

     (a) Six months, if the purchases have a total sales price of at least $100,000 but less than $600,000.

     (b) One year, if the purchases have a total sales price of at least $600,000.

     2. The Department may extend the initial deferral period if the taxpayer requests an extension of time before the expiration of that period. The request must:

     (a) Be in writing;

     (b) Include the date on which the project is to be completed; and

     (c) Include evidence that the purchases to be deferred are within the scope of the program approved by the Division of Economic Development.

     3. Payments of deferred taxes must be accompanied by forms provided by the Commission.

     (Added to NAC by Tax Comm’n, eff. 9-13-85; A by Dep’t of Taxation, 10-18-89)