If passed, it would give $190 million annually in tax credits for 20 years
By Gabriella Geisinger 16 May 2023
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 new credits mark the largest proposed tax incentive package in the recent history of the state. However, they would only granted when a shooting at studios built by private developers had been completed.
Thusly, legislation necessitates the state working with private developers to finance film production studio sites at the University of Nevada campus and Las Vegas' Summerlin area.
Sony supports the film industry’s expansion into southern Nevada and said in a statement it would commit up to $1 billion on production over the next decade "pending the passage of legislation guaranteeing a competitive Nevada production incentive."
If passed, production companies would now 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 as high as 30% of production and construction costs for films, doubled from the current 15%. Some of the credits would go towards funding local workforce, training, and educational programs to fill the jobs that are created by new studios.
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