Home>775Times>Nevada State Senator Plans to Revive Film Tax Credit Proposal in 2025, With Tweaks

Nevada State Senator Plans to Revive Film Tax Credit Proposal in 2025, With Tweaks

By TheNevadaGlobeStaff, February 18, 2024 5:51 am

Sen. Roberta Lange (D-Las Vegas) has announced her intention to reintroduce a revised version of the film tax credit proposal during the 2025 legislative session. Lange aims to reduce the proposed tax credit amount by half, from $190 million annually over 20 years to $95 million annually over 17 years.

The initial bill, SB496, faced challenges during the 2023 legislative session, attributed partly to the limited time available for consideration. Despite endorsements from Hollywood figures like Jeremy Renner and Mark Wahlberg, the bill did not progress to a vote.

Critics raised concerns about the strain on infrastructure and questioned the fiscal impact of the tax credits. However, Lange remains committed to revitalizing Nevada’s film industry and bolstering economic development.

The revised proposal maintains provisions requiring private companies to establish infrastructure before tax credits become available. It also emphasizes collaboration with UNLV through the proposed Nevada Media Lab.

Lange clarified that the $95 million proposal aligns with the bill’s goals of fostering workforce diversification and promoting economic feasibility. While discussions of a special legislative session arose, Lange deemed it premature, opting to focus on refining the bill for the 2025 session.

Rumors of additional film tax credit bills, including partnerships between Howard Hughes Corporation, Sony Pictures, and Northern Nevada entities, have surfaced. Lange expressed openness to collaboration but emphasized her bill’s focus on Southern Nevada’s economic development.

The proposed legislation aims to attract film industry investments, generate employment opportunities, and establish Nevada as a competitive destination for film and TV production.

The resurgence of interest in Nevada’s film tax credit program underscores the state’s potential to capitalize on the evolving entertainment landscape. With strategic adjustments and collaborative efforts, Nevada seeks to position itself as a hub for film and media ventures.

Credits: The Nevada Independent

Copyright 2024 775 Times, NV Globe. All rights reserved

Print Friendly, PDF & Email
Spread the news:


Leave a Reply

Your email address will not be published. Required fields are marked *