Nevada considers $190 million in annual tax credits to bring Sony, film industry to Las Vegas

Nevada is considering offering up to $190 million in annual tax credits to lure the film industry to Las Vegas, including Sony Pictures Entertainment.

The state’s Governor, Steve Sisolak, has proposed a bill that would create the Nevada Film Office and offer the tax incentives to attract more movie and television productions to the state.

Sony Pictures Entertainment has reportedly been in talks with the state about opening a film production facility in Las Vegas, with plans to potentially invest up to $1 billion.

The proposed tax credits would be available for up to 5 years and would be based on the amount of money a production company spends in Nevada. The credits would be transferable and could be sold to other companies if unused.

Proponents of the bill argue that it would create jobs and boost the state’s economy by attracting more productions to Nevada, which has been seen as an underutilized location for filming.

Opponents, however, argue that the tax incentives would only benefit the film industry and that the money would be better spent on education, healthcare, and other public services.

If the bill passes, Nevada would join a growing list of states that offer tax credits and incentives to attract movie and television productions, including California, Georgia, and New York.

The proposal comes at a time when the film industry has been hit hard by the COVID-19 pandemic, with many productions being delayed or canceled due to health and safety concerns.

The Nevada tax credits could provide a much-needed boost to the industry and help attract more productions to the state, providing a source of revenue and employment opportunities for the state’s residents.

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