Bill > AB62

This bill revises the procedures and provisions for transferable tax credits (TTCs) for affordable housing in Nevada, making several key changes to existing law. The bill reduces the advance notice period for final TTC applications from 45 to 15 days before project closing and allows project sponsors to demonstrate land acquisition by entering a long-term ground lease instead of only holding fee simple title. It expands the transferability of tax credits by permitting project sponsors to transfer credits to members, partners, or any other entity. The bill also increases the total amount of transferable tax credits the Housing Division can approve from $40 million to $100 million across all fiscal years and modifies how excess credits in a fiscal year are handled. Additionally, the bill changes the start of the 4-year credit expiration period to begin when the Division notifies a project sponsor that credits will be issued, rather than when the credits are actually issued. These changes are designed to provide more flexibility for affordable housing developers and potentially increase the development of low-income housing in Nevada by making the tax credit program more adaptable and accessible.

Budget and Finance

Revenue (A)

https://www.leg.state.nv.us/App/NELIS/REL/83rd2025/Bill/11870/Overview