Nebraska Legislature Bill LB1022

Nebraska 2023-2024 Regular Session

• Introduced: 1/5/24
• Refer: 1/9/24
• Failed: 4/18/24

Caption

Adopt the Cast and Crew Nebraska Act and provide for tax credits and grants

Impact

If enacted, LB1022 would amend existing state laws to introduce specific tax credit provisions for film and television production expenditures. The tax incentives would encourage not only domestic but also out-of-state production companies to invest in local projects. This could lead to increased spending in the local economy, benefiting various sectors such as hospitality, retail, and transportation. The act represents a significant shift in state policy towards fostering a more conducive environment for filmmakers and creative professionals.

Summary

LB1022, known as the Cast and Crew Nebraska Act, is legislation aimed at bolstering the film and television production industry within the state of Nebraska. The act proposes a structured framework for providing tax credits and grants to eligible production entities, which would incentivize them to choose Nebraska as a filming location. This initiative is part of a broader strategy to enhance economic growth in the state by attracting creative industries, thereby generating additional revenue and job opportunities for local residents.

Contention

There are points of contention surrounding LB1022, primarily focused on the allocation of state funds for these tax incentives. Critics argue that while supporting the film industry can yield economic benefits, it may also divert necessary resources from other essential public services, such as education and healthcare. Proponents of the bill, however, contend that the potential long-term economic returns and job creation justify the investment. The debate emphasizes the challenge of balancing budgetary constraints with the goal of economic development in Nebraska.