SB 1629 Summary

• Adds an additional 5% income tax credit for film and digital media productions that utilize qualified production facilities located within Hawaii, on top of existing 22-27% credits based on county population.

• Defines "qualified production facility" as a production facility constructed after December 31, 2024, on 7-10 acres of state/federal/political subdivision property, costing minimum $100,000,000 to design and construct, with specific infrastructure requirements (sound stages, offices, catering, parking, facades, mill space).

• Removes specified dollar caps on per-production tax credits and total annual aggregate tax credits, replacing them with blank amounts to be determined.

• Exempts from general excise tax reimbursements to motion picture project employers for employee wages, salaries, payroll taxes, insurance premiums, and benefits, effective July 1, 2025.

• Effective July 1, 2050, except general excise tax exemption takes effect July 1, 2025, and income tax credit changes apply to taxable years beginning after December 31, 2024.