HB 1494 Summary

• Increases the annual cap on motion picture, digital media, and film production income tax credits from $50,000,000 to $75,000,000, with a sunset date of December 31, 2032 for any excess claims carried over.

• Clarifies that taxpayers claiming the credit with production expenditures of $1,000,000 or more must submit a sworn statement within 90 days of each taxable year end, accompanied by independent third-party certification by a qualified certified public accountant.

• Expands the definition of "qualified production" to include streaming platform episodes and features, allowing up to 10 episodes per season for streaming series (compared to 22 for broadcast television).

• Requires productions to report total hires versus local hires by category and county as part of annual certification submissions.

• Applies to taxable years beginning after December 31, 2023, and repeals the previous independent third-party certification requirement from Act 143, Session Laws of Hawaii 2017.