LAS VEGAS (KLAS) — A study done by the Nevada Governor’s Office of Economic Development has downgraded the estimated impact of a movie studio bill in the Nevada Legislature.
The studies were done on dueling proposals to build Las Vegas movie studios. Both pieces of legislation — Assembly Bill 238 (AB238) and Senate Bill 220 (SB220) — are built around tax credits that could lure moviemakers, TV production companies and others, potentially laying the groundwork for a major industry that could diversify the Las Vegas economy.
The study on AB 238 downgraded the return on investment slightly from the studio’s estimate, finding that Nevada would only get back 52 cents of every dollar in tax credits. The return on investment calculation includes a net film tax credit of $1.425 billion over 15 years.
The tax credits would be worth an estimated $100 million a year to Warner Brothers and Sony Pictures.
