The WWE could benefit significantly of a new one Legislative Proposal in Nevada what are you looking for multiply by twelve tax credits For the audiovisual industry.
According to official calculations, if the bill AB 238 was already in force, WrestleMania 41 I would have received $ 8.3 million in tax incentives, almost double what it currently obtained. This initiative not only aims to attract great productions such as Hollywood, but also to sporting and live entertainment of high economic impact such as WWE.
► Nevada sees a millionaire play for its economy at WWE
April Corbin Girnusattached editor of Nevada Currentoffers All information:
Legislators seem willing to advance with a proposal that would approve $ 1.8 billion in tax exemptions for the film industry for 15 yearssince the proposal would not imply concessions in the next two years.
He Bill 238 The Assembly would significantly expand the Fiscal Credit Program for Nevada films, in order to support the construction and operation of a 31 acres cinematographic center known as the Summerlin Production Studios Project, in honor of the neighborhood of Las Vegas where it would be located. Sony Pictures, Warner Bros and Howard Hughes Holdings are involved in the project.
The project, which had a political hearing in early February, was examined on Friday by the Financial Committee of the Assembly.
The AB 238 would allocate $ 120 million annually in fiscal credits for 15 years – $ 95 million for productions in the Summerlin study and $ 25 million for productions not linked to the study. This represents an increase of twelve times with respect to the current Fiscal Credit Program in Nevada, which is limited to $ 10 million per year.
However, The increase would not take effect until July 2028which means that the Legislature would not have to consider $ 95 million in fiscal credits as part of the current biennial budget. Legislators would only have to consider a small fiscal note of $ 206,000 presented by the Governor's Economic Development Office, whose Nevada Film Office wants additional personnel to administer the program.
“This has no impact on the current budget,” emphasized assemblyman Sandra Jauregui, who sponsors the project together with the assemblyman Danielle Monroe-Moreno.
But at least one legislator raised the possibility that economic uncertainties are extended beyond the next biennial cycle.
“Let's say we receive another economic forum with a perspective similar to that of last week,” said the assemblyman Natha Andersonin reference to a reduction of $ 151 million in the forecast of Nevada Revenue due to the economic volatility caused by Trump administration policies. “Is this date recorded in stone? Or will there be discussions about postponing it again?”
Jauregui replied that an amendment is being written with “additional safeguards.” He did not give details, since the language is still in process.
Legislative personnel indicated that $ 110 million – the increase in the current $ 10 million program – represents approximately 1.8% of the general fund after tax credits.
During the audience, Legislators discussed WrestleMania 41 and related events, which were approved last month to receive $ 4.2 million in transferable tax credits. As Nevada Current reported last month, WrestleMania's request shows how the program currently operates.
The assemblyman Shea Backus He asked legislative staff how much WWE would have received under the provisions of AB 238. The project not only increases the annual limit, but also modifies the calculations to determine the amount of transferable tax credits that each production can receive.
The main tax analyst Michael Nakamoto He calculated that Wrestlemania would have described for $ 8.3 million in transferable tax credits, almost twice as much as he received under the current program.
Backus said the $ 8.3 million exceeds the amount that WWE estimated that it would spend on labor and local businesses. For its part, WWE estimates that their Wrestlemania events generate $ 200 million in economic activity for the host city.
Jauregui rejected the narrative that the project is a gift, pointing out that it requires private investment in the state and creates jobs.
“This legislation will generate $ 3 billion in annual economic activity,” he said. “That is like having 15 wrestlemanias per year”.
Monroe-Moreno added: “We have the responsibility of finding ways to diversify our sources of income in Nevada. As fiscal leader of this committee, I would never have put my name in a project if I did not believe that offers a way to do it.”
AB 238 is one of two bills to expand tax credits to the cinema presented this legislative session. The other is Bill 220 of the Senate, sponsored by Democratic Senator Robert Lange.
SB 220 had a political hearing last month and was sent to the Senate Finance Committee, where it has not yet been scheduled for an audience. He could not contact Lange to comment on the status of his project.
