NRS 680B.055 - General tax on premiums: Eligibility for credit where home office or regional home office owned by limited partnership; proportion of ad valorem tax qualified for credit. [Effective through December 31, 2020.]

NV Rev Stat § 680B.055 (2019) (N/A)

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1. For the purposes of eligibility for the credit provided by NRS 680B.050, if an insurer is a partner, general or limited, in a limited partnership which owns a building used by the insurer as its home office or a regional home office, the insurer shall be deemed to own the building so used if:

(a) The insurer’s proportionate interest in the partnership is equal to or greater than the proportion which the floor area of the building or portion thereof so used bears to the total floor area of the buildings on the contiguous real property owned by the partnership at the location of the building so used; or

(b) The insurer’s interest in the partnership is 50 percent or more.

2. The ad valorem tax paid by the insurer shall be deemed to be that proportion of the total ad valorem tax paid by the partnership upon its contiguous real property at the location of the building which the floor area of the building so used bears to the total floor area of the buildings on the contiguous real property.

(Added to NRS by 1987, 1430; R 2014, 28th Special Session, 3, effective January 1, 2021)

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NRS 680B.060 - General tax on premiums: Collection; credit; payment under protest; deposit of taxes collected which are attributable to industrial insurance.