Legislative Update in re Tax – Bill # AB448

Read a short update by Josh Hicks, Chair, Government Affairs & Advocacy Group, McDonald Carano LLP for the Communiqué (Sep. 2023).

By Josh Hicks, Chair, Government Affairs & Advocacy Group,, McDonald Carano LLP

Bill #AB448

Pursuant to NRS 375.090(1), a change in the identity, form, or place of organization of a business entity that owns real property is exempt from the Real Property Transfer Tax. That exemption is modified by AB448 and no longer applies “if the business entity to which the real property is transferred was formed for the purpose of avoiding [the Real Property Transfer Tax].”

Effective Date: June 15, 2023

About the Legislative Updates

This issue of the Communiqué (Sep. 2023) features select updates related to recent legislation passed during the 82nd Session of the Nevada Legislature (2023). Authors were instructed to limit their submissions due to space constraints of the printed publication.

This article was originally published in the Communiqué, the official publication of the Clark County Bar Association, (Sep. 2023). See https://clarkcountybar.org/about/member-benefits/communique-2023/communique-september-2023/

© 2023 Clark County Bar Association (CCBA). All rights reserved. No reproduction of any portion of this issue is allowed without written permission from the publisher. Editorial policy available upon request.

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