HI SB1550

Increases income tax credits for qualified film and digital media productions from 15-20% to unspecified percentages of qualified production costs, with rates varying by county population.

Adds a 5% supplemental tax credit for qualified special or visual effects and animation production costs incurred by qualified productions.

Creates new non-refundable tax credits for qualified media infrastructure projects (such as production facilities) from July 1, 2011 through December 31, 2015, with credits carried forward up to 10 years if they exceed tax liability.

Establishes a qualified local crew training program rebate equal to an unspecified percentage of hourly wages for resident participants in training programs with budgets of $1,000,000 or greater.

Removes the $8,000,000 cap on total production tax credits per qualified production while capping aggregate qualified media infrastructure project credits at an unspecified amount.