Just days after Texas tripled its film and TV production tax incentives, Nevada has gotten into the game. Gov. Brian Sandoval has signed the state’s first program aimed at luring productions away from California and elsewhere. Starting Jan. 1, productions that shoot at least 60 percent in-state and spend $500,000 to $40 million there will be eligible to earn a transferable tax credit worth 15%-19% of their in-state qualified expenses up to $20 million. The tax credit can be used on all Nevada cast, crew, labor, materials, rentals and such. The bill, introduced in February by Sen. Aaron Ford, D-Las Vegas, moved quickly through the Legislature. It establishes a pilot program to be operated by the state Office of Economic Development. The OED will stop taking applications at the end of 2017, but those with unused credits will get the benefits until the program expires on June 30, 2023. Among those who testified for the state legislature to approve the program was Nicolas Cage. The actor went to Reno in May to speak with state officials.
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This article was printed from http://www.deadline.com/2013/06/nevada-enacts-first-production-tax-incentives-up-to-20m-beginning-jan-1/