Film Tax Credit Bill Passes Nevada Senate
In Nevada, the film industry took a backseat to car maker Tesla when legislators decided to reduce the amount of film tax credits available to improve the tax package that lured the car maker here.
The cap for the four-year film tax credit program was reduced from $80 million to $10 million, much to the chagrin of filmmakers. But that may change again, after the senate passed a bill Wednesday that would remove the cap.
Should the bill pass through the assembly and get a green light at the governor's desk, the legislature can adjust the incentive as it sees fit.
It also would convert the tax credit from a pilot program to a permanent program.
"We've got to be competitive around the country or else we lose that business," founder of LOLA Pictures Chris Ramirez told KNPR's State of Nevada.
Ramirez said he had two different films that took advantage of the tax credit last year. He said after the credit was gutted for the Tesla deal there was backlash.
Ramirez said his company is working on a book adaptation that is set in Nevada, but may have to be shot in New Mexico because the incentives are much better.
"When you're talking to your financier its hard to come down to the bottom line when New Mexico is giving us 30 percent tax incentive," Ramirez said.
Chris Ramirez, founder, LOLA Pictures