Las Vegas, NV- - September 25, 2013
Senate Bill 357, also known as the Nevada New Markets Jobs Act,
created a state New Markets Tax Credit Program during the 2013 legislative
session. The program is designed to help stimulate growth and development
in economically distressed areas of the state.
Under the Nevada New Markets Tax Credit Program, tax credit
authority is awarded to community development entities (CDEs). A CDE is
an intermediary vehicle for the provision of loans or investments in low-income
communities. CDEs use authorized tax credits, taken against state insurance
premium tax, to raise private capital which is then invested in qualifying
projects through loans or capital injections. Qualified projects may
include hospitals, office buildings, infrastructure improvement and manufacturing
projects, among others.
The program is expected to result in the creation of jobs and
material improvements in the lives of residents of low-income
communities. Provisions of the law require CDEs to loan the entire $200
million within the first year of receiving the allocation and reinvest an
additional $100 million, resulting in a total of $300 million invested in
businesses in Nevada. In addition, the program requires that 30 percent of
investments be made in businesses located in “severely” distressed census
The program is administered by the Department of Business and
Industry, in conjunction with the Nevada Department of Taxation. The
department is in the process of developing regulations for this program.
Applications will be posted on the department’s website beginning September
25. CDE applications will be accepted until October 31 or until the
program is fully subscribed, whichever is sooner.
In addition, the department will also promote this opportunity to
qualified businesses in low-income communities seeking access to capital and
assist in making introductions to participating community development entities.
Application and additional information can be found at http://business.nv.gov or by calling (702) 486-2750.
the Department of Business and Industry
Department of Business and Industry is a cabinet level agency in Nevada State
government. Our objective is to encourage and promote the development and growth
of business and to ensure the legal operation of business in order to protect
consumers by maintaining a fair and competitive regulatory environment. The
Director’s office manages a number of programs and initiatives to address the
needs of small businesses, homeowners and consumers including small business
advocacy, bond programs, access to capital, housing retention programs,
constituent services and fraud prevention and education.