HB 1368 Summary

• Removes the $15,000,000 annual cap per qualified production for the motion picture, digital media, and film production income tax credit.

• Eliminates the $50,000,000 total annual limit on tax credits allowed statewide, making Hawaii more competitive for film industry projects.

• Requires 5% of total aggregate tax credits exceeding $50,000,000 in any year to be transferred to the Hawaii film and creative industries development special fund for education and workforce development programs.

• Establishes a new use of the special fund to support continuing education and motion picture, digital media, and film education development programs in the State.

• Takes effect upon approval and applies to the motion picture, digital media, and film production income tax credit under Hawaii Revised Statutes Section 235-17.