LAS VEGAS, Nev. (FOX5) – The Nevada film bill backing the Sony Pictures, Warner Bros. partnership on a 31-acre movie studio campus had its first hearing, Thursday, with packed chambers from Las Vegas to Carson City.
Hundreds of workers across trades unions and entertainment industries testified at an Assembly Revenue committee in support of Assembly Bill 238, now proposing a $120 million tax credit package over 15 years for productions at Summerlin Studios.
Earlier this week, Warner. Bros. and Sony Pictures announced that they would partner on a joint venture at Summerlin Studios. The project launched a website for people to learn more: PictureThisNV.com
FOX5 told you how Southern Nevada unions signed an agreement with Summerlin Studios, guaranteeing thousands of jobs for local trades workers. Many trade workers remain unemployed: construction for major developments across the Las Vegas Valley has slowed down, and juggernaut projects like Brightline West have yet to begin.
“There’s no shortage of workers. There’s a shortage in work the workforce right now. The skilled and trained workforce is sitting at home, ready to go to work,” Vince Saavedra of SNBTU said to FOX5 recently.
Locals in the entertainment industry expressed the need for more opportunities.
“Vegas, we need this. This is a time of innovation and expansion and creativity, and we are in the Entertainment Capital of the World,” said Briana Kennedy, an actress, director and writer.
The bill mandates that half of the 15,000 annual workers would be Nevadans.
Other groups voiced concern over the budget impact, whether the state could afford tax credits amid looming federal cuts, and if the tax credits would take funding away from budget priorities like social services and education.
Some representatives for education spoke against the proposal, noting how the funds could add crucial resources to Nevada teachers and students.
“Hollywood doesn’t need to use Nevada’s budget for its blockbusters,” said Alexander Marks of the Nevada State Education Association. “We can put schools over studios and write our own movie,” he said.
FOX5 has told you about the debate over the “Return On Investment”: for every dollar of tax credits given, how much does the state get back?
According to a fiscal presentation before the Assembly Revenue committee, each $1 in tax credits given would generate $0.46 for state and local taxes; however, from business spending to job creation, the economic impact would be $25 for every $1 in tax credits given.
Some lawmakers have already expressed opposition.
“I look forward to reading through the bill language but on principle – I believe Las Vegas and Nevada are great the way we are, we don’t need to try and be Hollywood 2.0 on the backs of the taxpayers,” said Senate Republican Leader Robin Titus, in a recent statement to FOX5.
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