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%)

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