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.
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 |
|
|
|