Bill Text: HI SB2790 | 2016 | Regular Session | Amended
Bill Title: Film; Digital Media Industry; Tax Credit Extension; Report
Spectrum: Moderate Partisan Bill (Democrat 7-1)
Status: (Introduced - Dead) 2016-02-19 - Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM. [SB2790 Detail]
Download: Hawaii-2016-SB2790-Amended.html
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THE SENATE |
S.B. NO. |
2790 |
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TWENTY-EIGHTH LEGISLATURE, 2016 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO FILM AND DIGITAL MEDIA INDUSTRY DEVELOPMENT.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that the film industry in Hawaii is an important component of a diversified economy. The legislature also finds that the motion picture, digital media, and film production income tax credit has been effective in stimulating the economy and creating quality jobs in a clean industry while promoting Hawaii as a visitor destination.
The legislature further finds that the film production process can extend over several years due to extensive planning and development in the preproduction stage. The motion picture, digital media, and film production income tax credit's current sunset date of January 1, 2019, will discourage new productions that may be in the development and preproduction phases at that point in time.
The purpose of this Act is to extend the motion picture, digital media, and film production income tax credit for an additional five years to provide stability and economic incentive predictability for the film industry, so Hawaii remains competitive and comparable to other jurisdictions in attracting qualified productions, which generates additional revenue, jobs, and tourism marketing exposure.
SECTION 2. Act 88, Session Laws of Hawaii 2006, as amended by Act 89, Session Laws of Hawaii 2013, is amended by amending section 4 to read as follows:
"SECTION 4. This Act shall take effect on July 1, 2006; provided that:
(1) Section 2 of this Act shall apply to qualified
production costs incurred on or after July 1, 2006, and before January 1, [2019;]
2024; and
(2) This Act shall be
repealed on January 1, [2019,] 2024, and section 235-17, Hawaii
Revised Statutes, shall be reenacted in the form in which it read on the day
before the effective date of this Act."
SECTION 3. The department of business, economic development, and tourism shall submit an annual report on the activities and expenditures of the motion picture, digital media, and film production income tax credit to the legislature no later than twenty days prior to each regular session until the tax credit expires.
SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 5. This Act shall take effect on July 1, 2016.
Report Title:
Film; Digital Media Industry; Tax Credit Extension; Report
Description:
Extends the sunset date of the motion picture, digital media, and film production income tax credit for an additional five years. Requires the department of business, economic development, and tourism to submit an annual report to the legislature regarding the activities and expenditures of the tax credit. (SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
