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 populations between 100,000 and 175,000.

Credit applies to taxable years beginning after December 31, 2012 and ending before January 1, 2016, with unused credits carried forward for up to ten years.

Requires applicants to submit detailed applications to the Department of Business, Economic Development, and Tourism, including project descriptions, budgets, business plans, and local government approval letters.

Imposes recapture of tax credits if projects are sold, investments are withdrawn, or projects no longer qualify, with recapture equal to a percentage of credits claimed in the preceding five years.

Requires annual reporting to the legislature beginning in 2014 with cost-benefit analysis and cumulative totals of tax credits granted for each qualified project.