1. To enable the Nevada Tax Commission to establish appropriate valuations of property pursuant to subsection 1 of NRS 361.320, each company that uses property subject to valuation pursuant to subsection 1 of NRS 361.320 shall file with the Nevada Tax Commission a written report, signed under penalty of perjury, that contains such financial and other information as required by the Nevada Tax Commission. Except as otherwise provided in subsection 2, the report must be filed:

(a) On or before March 31 of each year; or

(b) If the Nevada Tax Commission notifies the company that the Nevada Tax Commission will determine the valuation of the property for the first time or because the property has been found to be escaping taxation, within 45 days after receipt of the notification.

2. A company subject to the reporting requirements of subsection 1 may, at any time before the date otherwise due for the filing of the report, submit a written request to the Department for an extension of time in which to file the report with the Nevada Tax Commission. If the Department determines that good cause exists for an extension, the Department may grant the company a 45-day extension in which to file the report.

3. If a company subject to the reporting requirements of subsection 1 fails to provide the required report to the Nevada Tax Commission by the date due, the Nevada Tax Commission may make an estimate of the value of the property and assess it accordingly.

4. If a company subject to the reporting requirements of subsection 1 fails to file a required report by the date due, the company shall pay to the Department a penalty of 10 percent of the tax due or $5,000, whichever is less. The Department shall deposit any amount paid as a penalty in the State General Fund. The Department may, for good cause shown, waive the payment of the penalty or any part thereof.

(Added to NRS by 2003, 810)