Not content with bringing the F1 circuit to town this year, among a long list of other entertainment options, lawmakers in Nevada have introduced a bill aimed at attracting film industry giants to the state via $190m in tax credits.
$190m in annual tax credits for 20 years
According to the Las Vegas Sun, the Nevada Film Studio Infrastructure Act, introduced Thursday, is a legislative pitch focused on attracting Sony Pictures Entertainment to southern Nevada. The film industry-tailored package would provide $190m in annual tax credits for 20 years, with the state only paying out on completion of films in new Nevada studios, currently being planned by private developers.
Furthermore, the bill allows for the state to enter a deal with private developers who would bankroll the construction of the movie production sites. These sites are on the campus of the University of Nevada, Las Vegas (UNLV) and in the Summerlin area northwest of the Strip, which is where Sony would set up.
The Sun cited a Sony spokesperson as stating the firm is in favor of growing the film industry in Nevada. The source claims Sony will commit up to $1bn on film production over the next ten years “pending the passage of legislation guaranteeing a competitive Nevada production incentive.”
The bill’s sponsor, Senator Roberta Lange, said the film production legislation will grow and diversify the state’s economy and create “a whole new industry in Nevada.”