Bill > HB1494

This bill makes several key changes to the motion picture, digital media, and film production income tax credit in Hawaii: 1. It clarifies that film productions with production expenditures of $1,000,000 or more must submit an independent third-party certification from a certified public accountant to verify their qualified production costs when claiming the tax credit. 2. It increases the annual cap on the total amount of the tax credit from $50,000,000 to $75,000,000. This will allow more productions to claim the credit, as the current cap has been reached for 2022 and 2023, with only $30,000,000 left for 2024. 3. It expands the definition of "qualified production" to include streaming platforms, in addition to traditional broadcast television. This allows productions for streaming services, such as episodes and features, to be eligible for the tax credit. The bill aims to promote and grow Hawaii's film industry by making the state more attractive for motion picture, digital media, and film production decision-makers, diversifying the economy, and creating more high-paying jobs for residents.

Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=1494&year=2024