The Assembly Ways and Means Committee on Saturday moved to amend and advance Assembly Bill 62, which would revise Nevada’s transferable tax credit program for affordable housing and make technical changes to how credits are applied and transferred.

The bill’s fiscal sponsor, Steve Acroft, administrator of the Nevada Housing Division, told the committee the core policy is unchanged but said the committee needed to resolve a fiscal question: whether to raise the statutory cap on credits from $40 million to a larger amount. “AB 62 effectively…addresses the state tax credits for affordable housing,” Acroft said, adding that the division had $16 million left to allocate over the next two years and that without action the program could be exhausted by early fiscal 2027.

Supporters including Mindy Elliott of the Nevada Housing Coalition, Wendy Colborne of the Building and Construction Trades Council of Northern Nevada, and Kanani Espinosa of Roe Law Group on behalf of Nevada HAND testified in favor of the bill’s fiscal provisions, describing the state credits as “last‑in” gap financing that can move projects from “no to yes.” Trevor Parrish of the Vegas Chamber also voiced support.

During a subsequent work session the committee considered an amendment to strike the reprinted language that would have raised the cap to $100 million. Sarah Kaufman of the Legislative Counsel Bureau framed the amendment as a proposal to “strike the changes” and keep the amount at $40,000,000. Assemblymember Bacchus moved to amend and do pass; the motion was seconded and carried with one recorded nay. The committee then closed the hearing on AB 62.

The amendment keeps the statutory cap at $40 million but leaves open future legislative fixes: Acroft told members that an additional allocation of $10 million would solidify availability through fiscal 2027 and that $20 million would extend capacity into 2028. He also suggested the division may return to the Legislature in a later session if further increases are needed.

The bill also contains technical language on ground leases and timing to facilitate use of the credits by developers, Acroft said. Committee discussion focused on the amount to bridge to the 2027 session and on assuring continuity so current projects can close financing.

The committee advanced the amended bill to the next step in the legislative process.