HI HB2088

Establishes a new media infrastructure project income tax credit under Hawaii Revised Statutes Section 235-17, available from July 1, 2014 through December 31, 2018 (specific percentage and cap amounts left blank in bill text).

Requires qualified media infrastructure projects to have a base investment exceeding a specified amount and include detailed applications with business plans, budget projections, county approval letters, and independent audits by certified public accountants.

Credits are nonrefundable but may be carried forward for up to ten taxable years if they exceed the taxpayer's current tax liability; total credit per project cannot exceed a specified maximum amount.

Taxpayers claiming the credit must submit annual progress reports including completion percentages, expenditure amounts, and performance bonds equal to 100% of projected expenditures, with liens or collateral security lasting five years after project completion.

Maintains existing film and digital media production tax credits (20-25% of qualified production costs depending on county population) while adding the new infrastructure credit to encourage development of production and post-production facilities in Hawaii.