Bill > SB364

This bill establishes a new tax abatement program for businesses involved in railroad infrastructure development in Nevada. Specifically, businesses can apply to the Office of Economic Development for partial tax abatements related to property taxes, local sales and use taxes, and modified business taxes associated with constructing, operating, maintaining, or expanding railroad tracks and related infrastructure. To qualify, businesses must meet several requirements, including: paying wages at least equal to the statewide average hourly wage, offering health insurance to employees, creating or expanding their workforce by at least 10 full-time employees, and making a capital investment of at least $250,000 or maintaining tangible personal property valued at $5 million. The abatement can last up to 10 years, and businesses must continue to meet eligibility requirements or risk having to repay the tax benefits. The bill also includes provisions for auditing businesses receiving these abatements, requires public meetings and notice before approving applications, and mandates periodic reporting on the economic impact of these tax incentives. The program is set to expire on June 30, 2045, in compliance with Nevada's constitutional requirements for tax exemptions.

Budget and Finance, Business and Industry

https://www.leg.state.nv.us/App/NELIS/REL/83rd2025/Bill/12658/Overview