Deferral of payment.
1. Payment of the tax on the sale of capital goods for a sales price of $100,000 or more may be deferred without interest in accordance with this section. If the sales price is:
(a) At least $100,000 but less than $350,000, the tax must be paid within 12 months.
(b) At least $350,000 but less than $600,000, the tax must be paid within 24 months.
(c) At least $600,000 but less than $850,000, the tax must be paid within 36 months.
(d) At least $850,000 but less than $1,000,000, the tax must be paid within 48 months.
(e) One million dollars or more, the tax must be paid within 60 months.
Ê Payment must be made in each month at a rate which is at least sufficient to result in payment of the total obligation within the permitted period.
2. A person may apply to the Commission on Economic Development for such a deferment. If a purchase is made outside of the State from a retailer who is not registered with the Department, an application for a deferment must be made in advance or, if the purchase has been made, within 60 days after the date on which the tax is due. If a purchase is made in this State from a retailer who is registered with the Department and to whom the tax is paid, an application must be made within 60 days after the payment of the tax. If the application for a deferment is approved, the taxpayer is eligible for a refund of the tax paid.
3. The Commission on Economic Development shall certify the person’s eligibility for a deferment if:
(a) The purchase is consistent with the Commission’s plan for industrial development and diversification; and
(b) The Commission determines that the deferment is a significant factor in the decision of the person to locate or expand a business in this State.
Ê Upon certification, the Commission shall immediately forward the deferment to the Nevada Tax Commission.
4. Upon receipt of such a certification, the Nevada Tax Commission shall verify the sale, the price paid and the date of the sale and assign the applicable period for payment of the deferred tax. It may require security for the payment in an amount which does not exceed the amount of tax deferred.
5. The Nevada Tax Commission shall adopt regulations governing:
(a) The aggregation of related purchases which are made to expand a business, establish a new business, or renovate or replace capital equipment; and
(b) The period within which such purchases may be aggregated.
Last modified: February 27, 2006