Bill Text: HI HB2075 | 2020 | Regular Session | Introduced
Bill Title: Relating To Film Tax Credit.
Spectrum: Slight Partisan Bill (Democrat 8-3)
Status: (Introduced - Dead) 2020-02-14 - Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Holt, Takayama excused (2). [HB2075 Detail]
Download: Hawaii-2020-HB2075-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
2075 |
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THIRTIETH LEGISLATURE, 2020 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
Relating to Film tax credit.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that the film industry in Hawaii continues to be an important component of a diversified economy. The motion picture, digital media, and film production income tax credit has been effective in stimulating the economy and creating quality jobs while promoting Hawaii as a visitor destination. The legislature finds this success and trifecta of benefits to the state important enough to warrant an increase on the annual cap on tax credit to further this prosperity.
The purpose of this Act is to increase the annual cap on the motion picture, digital media, and film production income tax credit to further the goal of making Hawaii the "Hollywood of the Pacific."
SECTION 2. Section 235-17, Hawaii Revised Statutes, is amended by amending subsection (l) to read as follows:
(l) The total amount of tax credits allowed under
this section in any particular year shall be [$50,000,000] $70,000,000;
however, if the total amount of credits applied for in any particular year
exceeds the aggregate amount of credits allowed for such year under this
section, the excess shall be treated as having been applied for in the
subsequent year and shall be claimed in such year; provided that no excess
shall be allowed to be claimed after December 31, 2025."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
Economic Development; Motion Picture, Digital Media, and Film production income Tax Credit
Description:
Increases the annual rolling cap for the Motion Picture, Digital media and Film Production Income Tax Credit.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
