Nevada Legislative Update: Public Finance, Land Use & Zoning, Tax
The September 2023 edition of Communique’ magazine features brief summaries of select highlights of legislation passed during the 82nd Session of the Nevada State Legislature 2023. Josh Hicks published write-ups of three important laws relating to public finance, land use and zoning, and tax. Josh’s summaries are linked and provided below.
- AB 213 – Land Use & Zoning/Residential Housing
AB 213 makes various changes to Chapter 278 with respect to residential housing. It includes a declaration of legislative intent regarding the importance of a robust housing supply. It requires local governments to measure and publicize on their website the length of time land use applications are pending. Local governments must prepare an annual report addressing expected affordable and market rate housing needs. The bill prohibits local governments from using a preliminary application process to circumvent statutory time frames and requires specific explanations for applications rejected as incomplete. Finally, it requires the prioritization of applications for affordable housing projects. Effective date is January 1, 2024 for section 1.3 and July 1, 2023 for all other sections.
- SB 1 – Public Finance/Major League Baseball Stadium
SB 1 provides a $380 million public financing package for the construction of a Major League Baseball stadium. The package includes a combination of transferable tax credits, county general obligation bonds backed by a sports and entertainment tax district at the stadium site, and county credits. The legislation requires the baseball club to make annual financial contributions and other commitments pursuant to a community benefits agreement and restricts the location of the stadium to the current location of the Tropicana Hotel & Casino. The package is contingent on relocation approval by Major League Baseball.
- AB 448 – Real Property Transfer Tax
Pursuant to NRS 375.090(1), a change in the identity, form, or place of organization of a business entity which owns real property is exempt from the Real Property Transfer Tax. That exemption is modified by AB 448 and no longer applies “if the business entity to which the real property is transferred was formed for the purpose of avoiding [the Real Property Transfer Tax].” Effective date is June 15, 2023.
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