Jeremy Renner, Nevada legislature discuss film bill that could become largest tax break package in state history
By Ryan Matthey | Published May 16, 2023
LAS VEGAS (KLAS) – The largest tax break package in Nevada history could be approved this legislative session in an effort to entice movie studios to set up shop in Las Vegas.
SB 496, introduced by Democratic Senator Roberta Lange on Thursday, would establish a film tax credit and infrastructure program that would give movie studios up to $190 million in tax breaks each year. Current Nevada law sets a cap on these annual breaks at $10 million each year.
During the bill’s first hearing Tuesday afternoon in the Nevada Senate Committee on Revenue and Economic Development, fiscal analysts for the legislature says that would equate to $4,628,520,000 over 25 years. “We recognize this is a big deal, but we also recognize the balance sheets,” Committee Chair and Democratic Senator Dina Neal said before laughing during the hearing.
The bill, as of now, identifies two locations in the Las Vegas valley for potential film studios: one in Spring Valley off 215 at Durango and the other at an undisclosed location in Summerlin. The Spring Valley location would additionally serve as an education pipeline program for UNLV.
Supporters from Sony Pictures, Birtcher Developments, and the Howard Hughes Corporation testified about the benefits of more Hollywood productions in Las Vegas, including the creation of 26,800 jobs through construction, on-site studio work, or other indirect roles.
“We’re proposing to develop, at a cost of almost $2 billion of private capital, two Nevada factories that will produce over a billion dollars of digital content every year exported around the globe,” Greg Ferarro, representative for Birtcher Developments, said during the Tuesday session.
As Hollywood personnel say there is a shortage of production soundstages in the western US, they call this a “moment in time opportunity” to enter the sector.
“The silver state can take its place as a competitive film and production hub,” Ravi Ahuja, Sony Pictures Chairman of Global Television Studios and Corporate Development, said during the hearing.
Actor Jeremy Renner, after being disconnected from giving public comment over the phone, told the committee, “This is the longest thing I’ve ever done in my life! I’ve been on hold for like four hours,” before urging lawmakers to alter the bill’s language to include prospects in Northern Nevada, where he said he currently lives.
“It’s a big, beautiful state y’all. A lot of the state to explore,” he said over the phone.
As the fate of this bill remains unclear after Tuesday’s hearing, Jason Soto, general manager of Vū Studio in the central Las Vegas valley, believes the bill’s passage would allow more talent to locate to Southern Nevada. The Vegas location opened just over a year ago and has already filmed two feature films in it, including an upcoming project with Nicolas Cage.
“The opportunity to create, to have more business coming through,” Soto said inside his studio Tuesday morning while standing in front of floor-to-ceiling LED screens. “It would really prove to the rest of the world that Las Vegas is the entertainment capital of the world by adding that final component of entertainment, which is the feature film industry.”
Bircher Development CEO Brandon Birtcher told the committee that ground is anticipated to break on the two campuses by early 2025, with the studios opening in 2027 if SB 496 passes.
Article link: https://www.8newsnow.com/news/local-news/jeremy-renner-nevada-legislature-discuss-film-bill-that-could-become-largest-tax-break-package-in-state-history/