Committee approves tax break for film industry

By Cy Ryan

Thursday, May 23, 2013 | 4:07 p.m.

The Senate Taxation Committee has approved a slimmed-down bill to provide up to $20 million in tax credits to film companies that come to Nevada to produce such things as movies and television shows.

Committee Chairwoman Debbie Smith, D-Sparks, said companies are leaving California and looking for other locations. There are “lots of opportunities” for Nevada to lure these firms.

Senate Majority Leader Mo Denis, D-Las Vegas, said Senate Bill 165 was a “good start” and that “I see great economic benefits.”

The three Republican senators on the committee voted for the measure Thursday but reserved the right to change their minds when the bill reaches the Senate floor.

Sen. Pete Goicoechea, R-Eureka, said this is a better bill with the amendments offered by author Sen. Aaron Ford, D-Las Vegas. But he added this “is still a significant investment.”

Ford spelled out changes to the bill, making it a pilot program for four years. And he reduced the proposed tax credit from $35 million to $20 million. In the original bill, the credit was $50 million, he said.

Supporters of the bill brought in actor Nicolas Cage to testify for the bill earlier. They say the proposal is about jobs and should be part of the economic development effort by the state.