A. Payment of the tax on the sale of capital goods for a sales price of one hundred thousand dollars ($100,000.00) or more may be deferred without interest in accordance with this Section. If the sales price is:
1. At least one hundred thousand dollars ($100,000.00) but less than three hundred fifty thousand dollars ($350,000.00), the tax must be paid within twelve (12) months;
2. At least three hundred fifty thousand dollars ($350,000.00) but less than six hundred thousand dollars ($600,000.00), the tax must be paid within twenty four (24) months;
3. At least six hundred thousand dollars ($600,000.00) but less than eight hundred fifty thousand dollars ($850,000.00), the tax must be paid within thirty six (36) months;
4. At least eight hundred fifty thousand dollars ($850,000.00) but less than one million dollars ($1,000,000.00), the tax must be paid within forty eight (48) months;
5. One million dollars ($1,000,000.00) or more, the tax must be paid within sixty (60) months. Payment must be made in each month at a rate which is at least sufficient to result in payment of the total obligation within the permitted period.
B. A person may apply to the Commission on Economic Development for such a deferment. If the purchase is consistent with the Commission's plan for industrial development and diversification, it shall certify the person's eligibility for deferment to the Nevada Tax Commission.
C. Upon receipt of such a certification, the Nevada Tax Commission shall verify the sale, the price paid and the date of the sale and assign the applicable period for payment of the deferred tax. It may require security for the payment in an amount which does not exceed the amount of tax deferred.
D. The Nevada Tax Commission regulations govern:
1. The aggregation of related purchases which are made to expand a business, establish a new business, or renovate or replace capital equipment; and
2. The period within which such purchases may be aggregated. (Ord. 106 §6(J), 1989)