1. 1. If an inland port or industrial park is created by one participating entity, the participating entity, on behalf of the county or incorporated city in which the inland port or industrial park is located, may adopt an ordinance creating a tax increment area within the inland port or industrial park consisting of all or any portion of the inland port or industrial park for the purpose of creating a special account for the payment of bonds or securities issued or loans, money advanced or indebtedness incurred to defray the costs of an undertaking, as supplemented by the Local Government Securities Law.

2. 2. If an inland port or industrial park is created by two or more participating entities, the participating entities may enter into an interlocal or cooperative agreement for the ordering of an undertaking whose boundaries encompass all or part of the inland port or industrial park and the creation of a tax increment area and the tax increment account pertaining thereto. A tax increment area created pursuant to this subsection must be administered as provided in the interlocal or cooperative agreement, notwithstanding any provision of this section to the contrary. If the participating entities enter into an interlocal or cooperative agreement pursuant to this subsection, the participating entities may, in accordance with the procedures set forth in the interlocal or cooperative agreement:

   1. (a) Jointly take any action required to be taken by a participating entity for the creation of a tax increment area pursuant to this section, except that each participating entity must adopt an ordinance in order to create the tax increment area;
   2. (b) Enter into contracts for the undertaking; and
   3. (c) Issue bonds or otherwise finance the cost of the undertaking.

3. 3. A participating entity may amend an ordinance creating a tax increment area pursuant to this section by adopting a supplemental ordinance to:

   1. (a) Modify the undertaking by specifying new undertakings or removing or modifying undertakings specified in the original ordinance.

   2. (b) Add areas to or remove areas from a tax increment area.

      The amount of taxes to be allocated to a tax increment account pursuant to subsection 5 must be computed separately for the original tax increment area and each addition of land thereto.

4. 4. A participating entity shall not adopt an ordinance creating a tax increment area pursuant to this section unless:

   1. (a) The board has determined that the undertaking described in the ordinance is necessary or desirable to further the purposes of the inland port or industrial park.
   2. (b) The participating entity makes a finding at a public hearing that the undertaking will benefit the inland port or industrial park.

5. 5. After the effective date of the ordinance adopted pursuant to subsection 1, any taxes levied upon taxable property in the tax increment area each year by or for the benefit of the State, the municipality and any public body must be divided as follows:

   1. (a) That portion of the taxes that would be produced by the rate upon which the tax is levied each year by or for each of those taxing agencies upon the total sum of the assessed value of the taxable property in the tax increment area as shown upon the last equalized assessment roll used in connection with the taxation of the property by the taxing agency, must be allocated to, and when collected must be paid into, the funds of the respective taxing agencies as taxes by or for the taxing agencies on all other property are paid.
   2. (b) Except as otherwise provided in this section, the portion of the taxes levied each year in excess of the amount determined pursuant to paragraph (a) must be allocated to, and when collected must be paid into, the tax increment account pertaining to the undertaking to pay the bond requirements of loans, money advanced to, or indebtedness, whether funded, refunded, assumed or otherwise, incurred by the municipality to finance or refinance, in whole or in part, the undertaking. Unless the total assessed valuation of the taxable property in the tax increment area exceeds the total assessed value of the taxable property in the tax increment area as shown by the last equalized assessment roll referred to in this subsection, all of the taxes levied and collected upon the taxable property in the tax increment area must be paid into the funds of the respective taxing agencies. When the loans, advances and indebtedness, if any, and interest thereon, have been paid, all money thereafter received from taxes upon the taxable property in the tax increment area must be paid into the funds of the respective taxing agencies as taxes on all other property are paid.

6. 6. The portion of the taxes levied each year in excess of the amount determined pursuant to paragraph (a) of subsection 5 which is attributable to any tax rate levied by a taxing agency:

   1. (a) To produce revenue in an amount sufficient to make annual repayments of the principal of, and the interest on, any bonded indebtedness that was approved by a majority of the registered voters within the area of the taxing agency voting upon the question, must be allocated to, and when collected must be paid into, the debt service fund of that taxing agency.
   2. (b) In excess of any tax rate of that taxing agency applicable to the last taxation of the property before the effective date of the ordinance, if that additional rate was approved by a majority of the registered voters within the area of the taxing agency voting upon the question, must be allocated to, and when collected must be paid into, the appropriate fund of that taxing agency.
   3. (c) Pursuant to NRS 387.3285 or 387.3287, if that rate was approved by a majority of the registered voters within the area of the taxing agency voting upon the question, must be allocated to, and when collected must be paid into, the appropriate fund of the taxing agency.
   4. (d) For the support of the public schools within a county school district pursuant to NRS 387.195, must be allocated to, and when collected must be paid into, the State Education Fund.
7. 7. The provisions of paragraph (a) of subsection 6 include, without limitation, a tax rate approved for bonds of a county school district issued pursuant to NRS 350.020, including, without limitation, amounts necessary for a reserve account in the debt service fund.
8. 8. A tax increment area must expire not more than 30 years after the date on which the ordinance which creates the area becomes effective.
9. 9. As used in this section, the term “last equalized assessment roll” means the assessment roll in existence on the 15th day of March immediately preceding the effective date of the ordinance.

(Added to NRS by 2025, 2747)