Nevada lawmakers introduced a bill that would give $190 million annually in tax credits for 20 years to lure film producers to the US state. This includes a $1 billion Sony expansion.
The tax credits would be the largest proposed tax incentive package in recent state history. They would only be awarded upon completion of the films at studios built by private developers.
The legislation would involve the state entering an agreement with private developers, who would finance film production sites at the University of Nevada campus and in the Summerlin area of Las Vegas.
Sony is supportive of the film industry’s expansion into southern Nevada and said it would commit up to $1 billion on production over the next decade "pending the passage of legislation guaranteeing a competitive Nevada production incentive."
Under the bill, production companies would apply for transferable tax credits, which are used to offset the modified business tax, insurance premium tax, or gaming license fee.
The tax credits could be 30% of production and construction costs for films, doubled from the current 15% threshold. Part of those tax credits would fund local workforce training and educational programs for jobs that the studios create.
Nevada lawmakers introduced a bill that would give $190 million annually in tax credits for 20 years to lure film producers to the US state. This includes a $1 billion Sony expansion.
The tax credits would be the largest proposed tax incentive package in recent state history. They would only be awarded upon completion of the films at studios built by private developers.
The legislation would involve the state entering an agreement with private developers, who would finance film production sites at the University of Nevada campus and in the Summerlin area of Las Vegas.
Sony is supportive of the film industry’s expansion into southern Nevada and said it would commit up to $1 billion on production over the next decade "pending the passage of legislation guaranteeing a competitive Nevada production incentive."
Under the bill, production companies would apply for transferable tax credits, which are used to offset the modified business tax, insurance premium tax, or gaming license fee.
The tax credits could be 30% of production and construction costs for films, doubled from the current 15% threshold. Part of those tax credits would fund local workforce training and educational programs for jobs that the studios create.
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