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HI SB2462
Bill
Status
1/20/2012
Primary Sponsor
Carol Fukunaga
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AI Summary
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Establishes a 50% income tax credit for qualified infrastructure costs incurred in developing, constructing, or renovating film, video, television, or media production and post-production facilities in Hawaii.
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Requires minimum qualified infrastructure expenditures of at least $10,000,000 to qualify for the tax credit.
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Mandates an annual administrative fee payment to the Hawaii Film Office equal to 1% of the tax credit received by the taxpayer.
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Requires taxpayers to prequalify projects with the Department of Business, Economic Development, and Tourism, provide evidence of reasonable hiring efforts for Hawaii residents, and submit annual sworn statements documenting expenditures and employment data.
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Provides for 100% recapture of the tax credit if the infrastructure project ceases to qualify, with a tax lien placed on the property as a condition of receiving the credit.
Legislative Description
Taxation; Motion Picture, Digital Media, and Film Production Infrastructure Tax Credit
Last Action
(S) The committee(s) on EDT recommend(s) that the measure be HELD. The votes in EDT were as follows: 4 Aye(s): Senator(s) Fukunaga, Wakai, Baker, Solomon; Aye(s) with reservations: none ; 0 No(es): none; and 1 Excused: Senator(s) Slom.
2/15/2012