HI HB423

Extends the motion picture, digital media, and film production income tax credit sunset date from January 1, 2019 to January 1, 2026, providing seven additional years of tax incentives for qualified film productions in Hawaii.

Caps the total annual amount of tax credits allowed at $35,000,000, with excess applications carried forward to subsequent years until December 31, 2025.

Adds new qualification requirements including evidence that reasonable efforts were unsuccessful to secure comparable products or services outside Hawaii when claiming costs for out-of-state acquisitions, and requires qualified productions to provide "a qualified Hawaii promotion" with minimum end-title screen credit.

Requires film productions with $1,000,000 or more in expenditures to obtain independent third-party certification of qualified production costs by January 1, 2018 and annually thereafter.

Mandates annual reporting to the Legislature by the Department of Business, Economic Development, and Tourism on tax credit activities, expenditures, jobs created, and fiscal impact to the State.