Nevada Tax Commission Proposes Regulation on Scholarship Credit Donation Reporting

The Nevada Tax Commission proposed a regulation establishing reporting requirements for scholarship organizations that receive donations eligible for tax credits under the Nevada Educational Choice Scholarship Program. The regulation requires scholarship organizations to submit reports to the Department of Taxation within 10 days of receiving a donation, and to maintain records for at least five years and make them available to the Department upon request. The regulation also provides for coordination with the Department of Education to verify the scholarship organization’s eligibility, establishes penalties for non-compliance including delay or denial of associated tax credits, and protects the confidentiality of taxpayer ...