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Nevada Governor Signs Bill Adding $170 Million in Additional NMTC QEIs; ‘Impact’ QEIs Added to Incentive

Friday, June 23, 2023 - 12:30pm

Nevada Gov. Joe Lombardo recently signed legislation that increases the overall amount of qualified equity investments (QEIs) allowed under the state’s new markets tax credit (NMTC) incentive and adds a new “impact QEI” with a higher credit amount. S.B. 240 adds $170 million in QEIs for the period of July 1, 2024, through July 1, 2026, to the total allocation amount. Impact QEIs include those made by community development entities (CDEs) in certain types of manufacturing businesses or businesses in which the majority of owners are from certain historically disadvantaged groups. While the state NMTC is worth 58% over seven years, an impact QEI creates NMTCs that are worth 75% over seven years. The bill also precludes QEIs made July 1, 2024, through July 1, 2026, from being used as tax credits against insurance premium tax.

The Novogradac Introduction to New Markets Tax Credits booklet provides an initiation to the workings of the NMTC.