Nev. Admin. Code § 360.840

Current through December 12, 2024

Section 360.840 - Certificate of eligibility: Executive Director may request additional records; certification of audit

1. The Executive Director may request that a production company that produces a qualified production for which a certificate of eligibility has been issued furnish him or her with copies of any records necessary to verify that the production company is eligible for a certificate of transferable tax credits, including, without limitation, information concerning the progress of the qualified production. The Office may deny the issuance of a certificate of transferable tax credits if the production company fails to provide any records in compliance with this subsection.

2. Not later than 270 days after completion of a qualified production, unless the Office agrees to extend this period by not more than 90 days, a production company that produces a qualified production for which a certificate of eligibility has been issued shall submit to the Office:

(a) An audit of the qualified production, in a form approved by the Office, which:

(1) Includes, without limitation, an itemized report of qualified expenditures and production costs;

(2) Shows that the qualified production incurred qualified expenditures and production costs in this State of $500,000 or more;

(3) Includes a declaration of residency on a form prescribed by the Office for any above-the-line personnel and below-the-line personnel whom the production company claims to be a Nevada resident; and

(4) Is certified by an independent certified public accountant in this State who is approved by the Office; and

(b) Any financial data, accountings and other information required by the Office or the Department for the purpose of determining whether the applicant satisfies the requirements for a certificate of transferable tax credits which are set forth in NRS 360.759 and NAC 360.830, including, without limitation, a final job summary for the qualified production that sets forth, without limitation:

(1) The total number of jobs created in this State by the qualified production;

(2) The total wages paid for the number of jobs created in this State by the qualified production;

(3) The total fringe benefits provided for the jobs created in this State by the qualified production; and

(4) The total hours of work performed in this State by:

(I) Above-the-line personnel who are Nevada residents;

(II) Below-the-line personnel who are Nevada residents;

(III) Extras who are Nevada residents;

(IV) Above-the-line personnel who are not Nevada residents;

(V) Below-the-line personnel who are not Nevada residents; and

(VI) Extras who are not Nevada residents.

3. If the Office determines that any information submitted pursuant to this section is incomplete, the Office will notify the production company of its determination and, not later than 30 days after receiving the notice, the production company must provide to the Office any additional information required by the Office. The Office may deny certification of the audit if:

(a) The production company fails to provide any financial data, accountings or other information in compliance with this subsection; or

(b) Production of the qualified production is not completed within 18 months after the date of the commencement of principal photography or principal development of the qualified production, whichever is applicable.

Nev. Admin. Code § 360.840

Added to NAC by Office of Economic Dev. by R120-13, eff. 12-23-2013; A by R062-22A, eff. 2/13/2023

NRS 360.759