Nevada Film Tax Credit FAQ’s By the Numbers
As of: 5/10/23
How is the $190mil of Film Tax Credits allocated by Zone?
Zone 1: $95mil upon satisfying the minimum investment milestones
$200mi. by Dec 31, 2027 + $300mil by Dec. 31, 2029 ($500mil total)
Zone 2: $40mil upon signing GOED Investment & Development Agreement
remaining $40mil if initial investment threshold of $150mil is met by Dec. 31, 2027 AND another $250mil by Dec. 31, 2029 ($400mil total)
Non-Infrastructure Productions: $15mil/yr
What is the economic impact created by the FTC’s?
Minimum Qualified Production Spend generated ($190mil / 30% FTC)
$633mil/year $12.7bil over 20 years
Typical Total Production Spend generated ($190mil / 6multiple (National average))
$1.14bil/year $22.8bil over 20 years
Total Econ Impact to NV on Net FTC Cost ($95mil state cost X 27multiple (per Econ. Studies))
$2.6bil/year $51.3bil over 20 years
What are the jobs created by Zone 1 & 2 projects?
Direct Onsite Studio Employment: 6,800
Indirect & Induced: 10,000
Sub-Total: 16,800 long-term jobs
Direct Construction (Union and Other): 10,000 over 5 years
Total Jobs Created: 26,800
Zone 1 Birtcher & UNLV Integration & Benefits Program:
Onsite Integration Office Space: 1,000sqft
Full-time Director of Integration & Programing: $200,000/yr
First Hold on Unused Sound Stages: $100,000 - $200,000/yr
Nevada Media Lab:
Signature Building: 50,000sqft
Funded by 45% ($8.7mil/yr) allocated for Media Lab operations, equipment, and programs.
Nevada Media & Related Technology Education and Vocational Fund:
Annual Budget of the Vocational Fund (10% of annual FTC at stabilization): $19.5mil/yr
55% of the Fund ($10.8mil/yr) available for state-wide programs.
Fund Board of Directors:
7 members (2 Zone Representatives, and 1 appointment each by Governor, Majority & Minority Leaders of the Senate and Assembly)
Meets minimum 2x/year.
Film, Television, Media, and Video Game Software Publishing Market Facts (appx):
North American Market: $150bil/yr with only $7bil in available FTC’s
470 scripted television shows
100’s of feature films
California Film Industry:
700,000 jobs paying $70bil in wages.
Direct instate spending by FTC projects: grew by $200mil to a total of $2.3bil/yr.
14% of the available FTC’s are allocated by Lottery ($420mil FTC/yr for a $3bil/yr production demand)
NY State has created a $1bil/yr video game software publishing industry involving 6 major NY State universities.
Competitive States to Nevada (assuming a 30% gross/27% net) FTC:
New Mexico (25%)
Georgia (30%)
New York (30%)
Louisiana (25%)
Massachusetts (25%)
Illinois (30%)
New Jersey (30%)
North Carolina (25%)