701A.200 - Exemption from certain property taxes for qualified energy systems; requirements and limitations; regulations. - Nevada Statutes

701A.200  Exemption from certain property taxes for qualified energy systems; requirements and limitations; regulations.

      1.  For purposes of the assessment of property pursuant to chapter 361 of NRS:

      (a) Except as otherwise provided in paragraph (b), the value of a qualified system must not be included in the assessed value of a building.

      (b) Any value added by a qualified system must be included in the assessed value of a commercial or industrial building during any period in which the business that owns the commercial or industrial building is receiving another abatement or exemption pursuant to this chapter or NRS 361.045 to 361.159, inclusive, from the taxes imposed pursuant to chapter 361 of NRS.

      2.  The Department of Taxation shall adopt such regulations as it determines to be necessary for the administration of this section.

      3.  As used in this section, “qualified system” means any system, method, construction, installation, machinery, equipment, device or appliance which is designed, constructed or installed in a residential, commercial or industrial building to heat or cool the building or water used in the building, or to provide electricity used in the building, by using:

      (a) Energy from the wind or from solar devices not thermally insulated from the area where the energy is used;

      (b) Geothermal resources;

      (c) Energy derived from conversion of solid wastes; or

      (d) Waterpower,

Ê which conforms to standards established by regulation of the Department of Taxation.

      (Added to NRS by 2007, 3379)