Bill
Bill > SB1495
HI SB1495
Relating To The Motion Picture, Digital Media, And Film Production Income Tax Credit.
summary
Introduced
01/25/2023
01/25/2023
In Committee
02/08/2023
02/08/2023
Crossed Over
Passed
Dead
05/03/2024
05/03/2024
Introduced Session
2023 Regular Session
Bill Summary
Clarifies requirements for film productions with production expenditures of $1,000,000 or more claiming the motion picture, digital media, and film production income tax credit. Increases the annual cap from $50,000,000 to $75,000,000 for the total amount of the motion picture, digital media, and film production tax credit. Requires productions to meet certain local hire and local vendor quotas. Expands the definition of qualified production for the motion picture, digital media, and film production income tax credit to include streaming platforms. Takes effect 1/6/2050. (SD1)
AI Summary
This bill clarifies the requirements for film productions with production expenditures of $1 million or more to claim the motion picture, digital media, and film production income tax credit. It increases the annual cap for the tax credit from $50 million to $75 million, requires productions to meet certain local hire and local vendor quotas, and expands the definition of qualified production to include streaming platforms. The bill aims to promote the growth of Hawaii's film industry, diversify the economy, and create more high-paying jobs for residents.
Committee Categories
Agriculture and Natural Resources, Budget and Finance
Sponsors (9)
Henry Aquino (D)*,
Brenton Awa (R)*,
Stanley Chang (D)*,
Lynn DeCoite (D)*,
Angus McKelvey (D)*,
Donna Kim (D),
Joy San Buenaventura (D),
Maile Shimabukuro (D),
Glenn Wakai (D),
Last Action
Carried over to 2024 Regular Session. (on 12/11/2023)
Official Document
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