S.B. 921 Summary

• Reduces the motion picture, digital media, and film production income tax credit cap from $15,000,000 to $12,000,000 per qualified production.

• Requires the Department of Taxation to publicly disclose the names of taxpayers receiving the tax credits and the total amount of each credit received, filed no later than a specified number of days after processing the return.

• Amends Hawaii Revised Statutes section 235-116 to create an exception to tax return confidentiality laws, allowing disclosure of tax credit information as necessary to comply with the public disclosure requirement.

• Maintains existing requirements for the Department of Business, Economic Development, and Tourism to track qualified production costs and report non-aggregated details to the legislature.

• Effective July 1, 2050, applying to taxable years beginning after December 31, 2020.