Nevada lawmakers are considering approving what could amount to a stunning $4.9 billion in tax breaks over 25 years for film companies like Sony Pictures.
Proponents of the proposed nineteen-fold expansion of Nevada’s Film Tax Credit Program say the investment will establish Southern Nevada as a premier filming location by making it competitive with states like Georgia and New Mexico.
Dubbed the Nevada Film Studio Infrastructure Act, Senate Bill 496, largely focuses on the development of two proposed production studios in Las Vegas — one in the southwest part of the valley on land owned by UNLV, and one at an undisclosed parcel of land somewhere in Summerlin. To support those two proposed studios, Nevada would offer approximately $190 million in transferable tax credits annually for two decades.
As for the state’s existing film tax credit program, which since 2017 has been available to productions happening anywhere in Nevada, it would have $15 million in transferable tax credits to dole out annually. That is a $5 million increase from its current funding level of $10 million. See more here.