Las Vegas is looking to diversify its economy, and the latest effort is focused on bringing the film industry to the city. Nevada lawmakers recently introduced a bill that would offer massive tax credits to attract film production to southern Nevada, including a $1 billion Sony expansion.
The tax credits could be up to 30% of production and construction costs for films, doubling the current 15% threshold. Developers would be responsible for covering the cost of production studio development.
Republican Senate Minority Leader Heidi Seevers Gansert emphasized that the risk lies with the developers rather than the state of Nevada. Meanwhile, a Sony spokesperson stated that the company is supportive of the expansion and would commit up to $1 billion to production over the next decade, contingent on legislation guaranteeing a competitive production incentive.
In addition to the film industry, lawmakers are also looking at a funding bill to bring the Oakland A’s to Las Vegas, as tax incentives have become a major driver in the state’s efforts to diversify its economy.
