This is an off-topic post, but if you have been reading my blog for some time, you will know that it's on an issue that is important to me: film incentives for Nevada. As I've previously written, Nevada was one of the few states in the country without tax incentives for companies that film their movies or television shows here. It's always been my opinion that the lack of these incentives has discouraged companies from filming here -- even when the action is set in Nevada. Fortunately, that is all changing due to recent action from our legislature. The Nevada legislature recently passed SB 165, which was signed into law by Governor Sandoval on June 11, 2013. As a result, beginning on January 1, 2014, Nevada will offer tax credits to motion picture, television, and commercial productions that shoot at least 60% of their production here in Nevada and spend between $500,000 and $40 million in the state. Those … [Read more...] about Nevada Has Film Tax Incentives!
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Tip of the Month: As outlined in this month's post, it is not uncommon for legislatures to focus on certain industries or certain types of credits when considering the viable of tax credits. For example, over the last year and especially in the last month several bills have been introduced in multiple states to end, limit, or bring accountability to film incentives. When you represent or are part of an organization in these industries, it is advisable to have an in-house or third party advisor closely monitoring these legislative actions considering the impact that they may have on future projects. Recent Announcements of Credit/Incentives Applications and PackagesDelaware- DuPont and The Dow Chemical Co. announced February 19 that their new, post-merger agriculture company will be headquartered in Delaware, following an aggressive campaign by the state to keep DuPont from leaving Delaware.The announcement comes less than a month after Governor Markell signed into law the … [Read more...] about February 2016 Tax Credits & Incentives Update
This is the second in a monthly series outlining updates in state tax credits and incentives, including legislative, gubernatorial and case law updates. While we recognize that tax credits and incentives are often criticized by some tax policy experts, they are a reality in today's competitive business environment with states competing with each other for jobs and investment. The good news for both corporate taxpayers and non-profit entities is that state tax credits and incentives are available and can benefit a business in many ways. Recent Announcements of Credit/Incentives Applications and PackagesArizona: Just three weeks after Apple Inc. announced plans to invest $2 billion over 10 years to open a data center in Arizona, on February 25, 2015, the Arizona Legislature passed a bill (HB 2670) that would grant millions of dollars in business tax incentives to Apple. Under the bill, international operations centers, such as the 1.3-million-square-foot digital command center Apple … [Read more...] about February 2015 State Tax Credit and Incentive Update
This week the Senate acted on several big matters, attended a funeral for Senator Harris Blake and perhaps ended up at the U.S. Open. The House was focused on its budget.The House As we wrap up the week the House is still debating its budget proposal and preparing for the final vote. Historically, when the budget debate goes late into the evening on 2nd Reading the members just stay past midnight and crank out a vote on 3rd Reading between midnight and 1:00 a.m.; the late hour naturally curtails repetitive debate. Then everyone leaves with that day's work done. That's what we were expecting last night -- you've never seen so many comfortable shoes in the workplace -- but the House wrapped up debate on 36 amendments and voted on 2nd Reading hours before midnight. So the Speaker just sent everyone home and came back for an early start Friday; the Members are rested and loquacious. Notable efforts to amendment the House budget included rolling in:the "Puppy Mill Bill" … [Read more...] about Weekly North Carolina Legislative Update for June 9th
Promises kept: we're starting to see the General Assembly narrow its focus as they promised before this Short Session convened in May. House and Senate calendars are stacked with similar bills including committee work and floor debate on the same issues on the same days. I'm sticking with my prediction of adjournment before July 4th.This week: Common Core, Budget, Economic Development, Mechanics Liens.The Senate passed its version of the state budget in the wee hours of Saturday morning then rested until Wednesday. Wednesday and Thursday the Senate took up its version of Governor McCrory's new economic development structure SB 743 with a final Senate vote expected early next week. And it passed a bill to eliminate the educational standards known asCommon Core - SB 812.The place to be Wednesday was the Senate Education Committee where business leaders and the education lobby watched the Senate dispense … [Read more...] about North Carolina General Assembly: Weekly Wrap Up for June 2, 2014