1. Except as otherwise provided in this subsection, the Division shall not approve any application for transferable tax credits submitted pursuant to NRS 360.867 if:

(a) Approval of the application would cause the total amount of transferable tax credits approved pursuant to NRS 360.867 for each fiscal year to exceed $10,000,000. Any portion of the $10,000,000 per fiscal year for which transferable tax credits have not previously been approved may be carried forward and made available for approval during the next or any future fiscal year ending on or before June 30, 2023. If the Division determines that approval of an application that would cause the total amount of transferable tax credits approved pursuant to NRS 360.867 in a fiscal year to exceed $10,000,000 is necessary to ensure the maximum development of affordable housing in this State through the approval of transferable tax credits pursuant to NRS 360.867, the Division may approve the application unless the approval of the application would cause the total amount of transferable tax credits approved pursuant to NRS 360.867 in the fiscal year to exceed $13,000,000. If the Division approves an application for transferable tax credits that causes the total amount of transferable tax credits approved pursuant to NRS 360.867 in a fiscal year to exceed $10,000,000, the Division must reduce the amount of transferable tax credits which may be approved pursuant to NRS 360.867 in the next fiscal year by the amount of transferable tax credits approved in excess of $10,000,000 in the previous fiscal year.

(b) The Division receives the application on or after July 1, 2023.

2. The transferable tax credits issued to a project sponsor pursuant to NRS 360.867 expire 4 years after the date on which the transferable tax credits are issued to the project sponsor.

(Added to NRS by 2019, 3765, effective January 1, 2020)