House Bill 2005 proposes to amend the motion picture, digital media, and film production tax credit program by requiring that the taxpayer is given notice of and an opportunity to cure any failure to meet the requirements necessary to qualify for the tax credit.
House Bill 2747 proposes to establish the filmmakers special fund to award grants for films, media, and creative industries’ intellectual property development projects that are created and produced in Hawaii-by-Hawaii resident filmmakers. Details are as follows:
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- Repeals the Hawaii film and creative industries development special fund and transfer funds to a newly established filmmakers special fund;
- Appropriates an amount yet to be determined for the 2025 fiscal year (7/1 – 6/30); and,
- Stipulates that all unexpended and unencumbered moneys remaining in the Hawaii film and creative industries development special fund as of the effective date of this Act shall be transferred to the filmmakers’ special fund as of that date.
Senate Bill 3049 proposes to amend the Motion Picture, Digital Media, and Film Production Income Tax Credit as follows:
- Increases the yearly annual funding cap from $50 million to $60 million per year;
- Modifies the definition of a qualified production to include:
- A television pilot, inclusive of broadcast and streaming platforms, as defined;
- For a single season, up to twenty-two episodes for broadcast television and up to eight episodes for an ongoing series for streaming platforms;
- If the number of episodes per single season exceed the above number, additional episodes for the same season shall constitute a separate qualified production;
- Stipulates that if the qualified production costs of a taxpayer exceed $1 million in a taxable year, then a written, sworn statement shall be accompanied by an independent third-party certification, performed by a qualified certified public accountant, no later than 90 days following the end of each taxable year in which qualified production costs were expended;
- Establishes a general excise tax exemption for certified development of film studio facilities in Hawaii; and,
- Extends the sunset date of the program thru December 31, 2038.
If enacted, this act shall take effect on January 1, 2025, and apply to expenditures made after December 31, 2024.
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