HI SB33

Increases the annual cap on the motion picture, digital media, and film production income tax credit from $35,000,000 to $50,000,000, effective for taxable years beginning after December 31 of the calendar year prior to enactment.

Requires the University of Hawaii, West Oahu campus and the Hawaii Technology Development Corporation to execute a memorandum of understanding by December 31, 2020, committing to a no-cost lease agreement for at least 60 years.

Mandates transfer of title to a 30-acre parcel of University of Hawaii, West Oahu campus land (located at the intersection of Farrington Highway and Kapolei Golf Course Road, TMK #1-9-1-016-179-0000) to the Hawaii Technology Development Corporation within 6 years.

Provides that excess tax credits applied for in any year exceeding the annual cap shall be carried forward to the subsequent year, with no excess claims allowed after December 31, 2025.