HB845 Summary

• Removes the $15,000,000 annual cap on tax credits that may be claimed per qualified film production.

• Eliminates the $50,000,000 total yearly limit on motion picture, digital media, and film production income tax credits statewide.

• Requires that if total credits applied for in any year exceed $50,000,000 or greater, 5% of the total aggregate amount of tax credits shall be deducted and transferred to the Hawaii television and film development special fund for studio and infrastructure development.

• Amends the Hawaii film and creative industries development special fund to include revenues from processing motion picture, digital media, and film production income tax credits and directs funds toward studio and infrastructure development programs.