New bill aims to boost Nevada's economy through film, tech, and education initiatives

Las Vegas (KSNV) — During a Senate Revenue and Economic Development Committee hearing, Nevada State Senator Roberta Lange introduced SB220, known as The Nevada Film Infrastructure, Workforce Development, Education and Economic Diversification Act.

The bill proposes $98 million in annual film tax credits to develop the Nevada Studios complex at UNLV’s Harry Reid Research and Technology Park.

It aims to enhance the state's return on investment and expand workforce opportunities.

The legislation ties tax credits to measurable economic activity, focusing on job creation, capital investment, and workforce training in strategic industries.

The Creative Technology Initiative (CTI) within the bill seeks to attract high-growth sectors such as aerospace, healthcare technology, and video game publishing, complementing Nevada's existing infrastructure.

Education is a key component, with 20% of film tax credits allocated to the Nevada Media and Technology Fund in the first three years, and 10% annually thereafter.

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This supports the creation of a 50,000-square-foot Nevada Media and Technology Lab at UNLV’s Tech Park, fostering workforce development from middle school to university levels.

Dan Stewart, partner and president of development at Gardner Group, said, "When we partnered with the UNLV Research Foundation as master developer of UNLV’s Tech Park, we were driven by our passion for economic diversification and educating our state’s workforce."

The bill supports the UNLV Research Foundation with $32 million in ground lease payments for the Nevada Studios complex, with an additional $288 million over a 100-year lease term. This funding will enable critical analysis of emerging industries, benefiting Nevada's economic trajectory.

Senator Lange stated, "SB220 provides a pathway toward full recapture of every public dollar invested in film tax credits, assuring that public money will remain invested on public land, while bridging gaps in diversification and workforce opportunity."

Brooke Birtcher Gustafson, president of Birtcher Nevada Development, added, "Senate Majority Leader Nicole Cannizzaro challenged us in the last legislative session to build a framework that ensures accountability and an opportunity for full return to the state. The CTI is our direct response to that challenge."