HI HB566

Establishes a new media infrastructure project tax credit allowing taxpayers to claim a credit equal to a percentage of qualified costs for developing, constructing, or renovating film, video, television, or media production facilities in Hawaii, effective July 1, 2013 through December 31, 2015.

Requires qualified media infrastructure projects to have a base investment exceeding a specified amount and imposes a maximum tax credit cap per state-certified project; credits are non-refundable but may be carried forward up to ten years.

Projects must begin construction within six months of initial certification and meet specified completion percentages within a defined timeframe; applicants must submit detailed business plans, preliminary budgets, and obtain county mayor and council approval letters.

Taxpayers claiming the credit must submit annual progress reports including project completion percentages, expenditure amounts, performance bonds equal to 100% of projected expenditures, and either a lien pledge or collateral security; projects must be completed within five years of certification or credit eligibility is lost.

Maintains existing 15-20% production tax credits for qualified film and television productions depending on county population; all production tax credits are capped at $8,000,000 per qualified production.