HI SB750

Establishes a nonrefundable media infrastructure project tax credit for qualified film, video, television, or media production and post-production facilities located in West Oahu or the most populous island in counties with 100,000-175,000 population, effective for taxable years beginning after December 31, 2012 through January 1, 2016.

Tax credit amount, minimum base investment, maximum credit cap, and percentage completion requirements within specified timeframes are left blank in the bill text and to be determined by the legislature.

Requires applicants to submit detailed project descriptions, budgets, business plans, and local government approval letters to the Department of Business, Economic Development, and Tourism, with an application fee of unspecified percentage of estimated tax credits.

Allows unused credits to be carried forward for up to 10 taxable years and requires annual progress reports including project completion percentage, expenditures, employment data, payroll information, and job classifications.

Imposes recapture of tax credits if the project no longer qualifies, is sold, or the taxpayer withdraws investment, and denies credits if projects are not completed within five years of initial certification.