Bill > AB362

This bill provides for a new tax on the sale or transfer of a controlling interest in entities that possess real property in Nevada. Specifically, the bill imposes a tax when more than 50% of an entity's ownership is transferred, with the tax rate varying based on the county's population (ranging from 65 cents to $1.25 per $500 of property value, plus an additional $1.30 per $500). The person receiving the controlling interest must file a return and pay the tax to the county recorder within a month of the transfer. The bill defines "controlling interest" as owning more than 50% of an entity's voting power or beneficial interest, and "estimated fair market value" based on the assessor's taxable value or the prior purchase price. The tax proceeds will be distributed to various funds, including affordable housing accounts, school district funds, and the state general fund. The bill includes provisions for auditing, enforcement, and penalties for false declarations, with some exemptions for certain types of transfers such as those to government entities or between former spouses. Notably, counties will be allowed to retain a small percentage of the collected taxes to cover administrative costs, and the funds can be used to support affordable housing development, with priority given to housing for elderly and disabled individuals.

Budget and Finance

https://www.leg.state.nv.us/App/NELIS/REL/83rd2025/Bill/12472/Overview