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Bill > SB496


NV SB496

Revises provisions relating to the film industry. (BDR S-1039)


summary

Introduced
05/11/2023
In Committee
05/30/2023
Crossed Over
Passed
Dead
06/06/2023

Introduced Session

82nd Legislature (2023)

Bill Summary

AN ACT relating to economic development; enacting the Nevada Film Studio Infrastructure Act; requiring the Office of Economic Development to enter into a development agreement with the Las Vegas Media Campus Project and the Summerlin Production Studios Project to establish certain development and investment criteria for the development of infrastructure for the production of motion picture and other qualified productions; authorizing a production company located at the Las Vegas Media Campus Project or the Summerlin Production Studios Project to apply to the Office of Economic Development for film infrastructure transferable tax credits for qualified productions produced at the sites of the Projects; enacting provisions governing the eligibility for and calculation of film infrastructure transferable tax credits for qualified productions produced at the Projects; revising provisions relating to noninfrastructure transferable tax credits for motion picture and other qualified productions; authorizing an additional amount of noninfrastructure transferable tax credits; establishing the Board for Nevada Film, Media and Related Technology Education and Vocational Training and the Account for Nevada Film, Media and Related Technology Education and Vocational Training; providing for the distribution of money from the Account to certain entities and organizations that provide education and vocational training for workforce development for the production of qualified productions in this State; and providing other matters properly relating thereto.

AI Summary

This bill enacts the Nevada Film Studio Infrastructure Act, which provides film infrastructure transferable tax credits for production companies located at the Las Vegas Media Campus Project and the Summerlin Production Studios Project. The bill requires the Office of Economic Development to enter into development agreements with the lead participants of these projects to establish investment and development criteria. It authorizes production companies located at the projects to apply for the film infrastructure transferable tax credits and establishes the calculation and eligibility requirements for the credits. The bill also makes various changes to the existing noninfrastructure transferable tax credit program, including increasing the base amount of credits and temporarily increasing the total annual amount that may be issued. Additionally, the bill establishes a program to provide grants from the Account for Nevada Film, Media and Related Technology Education and Vocational Training to entities that provide education and training for workforce development in the production of motion pictures and other qualified productions.

Committee Categories

Budget and Finance, Business and Industry

Sponsors (9)

Last Action

(No further action taken.) (on 06/06/2023)

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