Bill Text: HI SB750 | 2013 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Media Infrastructure Project Tax Credit

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Engrossed - Dead) 2013-04-25 - Conference Committee Meeting will reconvene on Friday 04-26-13 11:00AM in conference room 423. [SB750 Detail]

Download: Hawaii-2013-SB750-Amended.html

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STAND. COM. REP. NO.  948

 

Honolulu, Hawaii

                , 2013

 

RE:   S.B. No. 750

      S.D. 2

 

 

 

 

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Seventh State Legislature

Regular Session of 2013

State of Hawaii

 

Sir:

 

     Your Committee on Veterans, Military, & International Affairs, & Culture and the Arts, to which was referred S.B. No. 750, S.D. 2, entitled:

 

"A BILL FOR AN ACT RELATING TO DIGITAL MEDIA INFRASTRUCTURE,"

 

begs leave to report as follows:

 

     The purpose of this measure is to facilitate the growth of the film and digital media industry in the State by establishing an income tax credit for the development of qualified media infrastructure projects in designated or qualifying geographic areas of the State.  Specifically, this bill:

 

     (1)  Establishes a Media Infrastructure Project Tax Credit (Tax Credit) for projects situated in West Oahu or on the most populous island in a county with a population between 100,000 and 175,000;

 

     (2)  Establishes the requirements for claiming the tax credit;

 

     (3)  Requires the Department of Business, Economic Development, and Tourism to be responsible for the audit approval, expenditure certification, application processing, and issuance of final tax credit certification letters; and

 

     (4)  Requires the Department of Taxation to submit an annual report to the Legislature on the tax credit, including a cost benefit analysis of the tax credit.

 

     A concerned individual testified in support of this measaure.  SAG-AFTRA, International Alliance of Theatrical Stage Employees (IATSE) Mixed Local 665, American Federation of Musicians (AFM) Local 677, and Hawaii Teamsters Local 996 testified in support of the intent of this bill.  The Department of Taxation, Department of Business, Economic Development, and Tourism, Tax Foundation of Hawaii, and a concerned individual provided comments.

 

     As affirmed by the record of votes of the members of your Committee on Veterans, Military, & International Affairs, & Culture and the Arts that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 750, S.D. 2, and recommends that it pass Second Reading and be referred to the Committee on Economic Development & Business.

 

 

Respectfully submitted on behalf of the members of the Committee on Veterans, Military, & International Affairs, & Culture and the Arts,

 

 

		____________________________ K. MARK TAKAI, Chair