SUMMARY--Provides exemption from taxes for real and personal property of certain apprentice programs. (BDR 32-1087)
FISCAL NOTE: Effect on Local Government: Yes.
Effect on the State or on Industrial Insurance: Yes.
EXPLANATION - Matter in italics is new; matter in brackets [ ] is material to be omitted.
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.
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 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.