Assembly Bill No. 476

Assembly Bill No. 476-Committee on Taxation

CHAPTER

389

AN ACT relating to taxation; providing a temporary exemption from the taxes for real and personal property of certain apprentice programs; and providing other matters properly relating thereto.

[Approved July 11, 1997]

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

Section 1. Chapter 361 of NRS is hereby amended by adding thereto a new section to read as follows:
1. Except as otherwise provided in subsection 2, the real and personal property of an apprenticeship program owned by a local or state apprenticeship committee is exempt from taxation if the program is:
(a) Operated by an organization which is qualified pursuant to 26 U.S.C. § 501(c)(3) or (5); and
(b) Registered and approved by the state apprenticeship council pursuant to chapter 610 of NRS.
2. If any property exempt from taxation pursuant to subsection 1 is used for a purpose other than that of the apprenticeship program required in subsection 1, and a rent or other valuable consideration is received for its use, the property must be taxed, unless the rent or other valuable consideration is paid or given by an organization that qualifies as a tax-exempt organization pursuant to 26 U.S.C. § 501(c)(3).
Sec. 2. This act becomes effective on July 1, 1997, and expires by limitation on July 1, 2007.
________