Dire Straits, Desperate Measures
The legislature has thus far refused to schedule HB1590, the enhanced refundable film tax credit bill, to be discussed in conference committee. The deadline to file the final draft of this bill is TOMORROW (Fri, 4/29). But there is still a glimmer of hope if you can all rally again and contact:
* Dwight Takamine: 808-586-6200 phone; 808-586-6201 fax, reptakamine@Capitol.hawaii.gov
District 1 - North Kohala, South Kohala, Hamakua, North Hilo, South Hilo
* Calvin Say: 808-586-6100 phone; 808-586-6101 fax, repsay@Capitol.hawaii.gov
District 20 - St. Louis Heights, Palolo Valley, Maunalani Heights, Wilhelmina Rise, Kaimuki
* Jerry Chang: 808-586-6120 phone; 808-586-6121 fax; repchang@Capitol.hawaii.gov
District 2 - South Hilo, Waiakea Kai, Kaumana, Keaukaha
* Carol Fukunaga: 808-586-6890 phone; 808-586-6899 fax; senfukunaga@Capitol.hawaii.gov
District 11 - McCully, Tantalus, Punchbowl, Honolulu
The legislators above are aware of the bill, and the more pressure the local film community puts on them, the better chance we have of reviving this bill (yes, "reviving" because it is pretty much on its death bed right now). How will HB1590 benefit Hawaii? See below.
PLEASE CALL/EMAIL/FAX THEM RIGHT NOW!!!!
------------------------
Benefits of HB1590 to the State of Hawaii
(Enhanced Refundable Film/TV Production Tax Credit)
Summary of HB1590:
Enhance current 4% refundable production tax credit by raising credit amount to 15% for Oahu and 20% for neighbor islands, lowering minimum spending requirement to $200K, forbidding double-dipping with Act 221, and clarifying definitions and eligibility requirements.
Benefits of HB1590:
* Save the state money – The 15-20% refundable production tax credit is meant to draw productions away from Act 221 (100% investment tax credit) since they cannot claim both credits. At 100%, Act 221 is much more expensive than the 15-20% credit, so HB1590 would actually reduce the amount the state is giving out in film tax credits.
* Create skilled, well-paying jobs for our local pool of film industry workers, as well as workers in related businesses (catering, hotels, consumer goods, communications, etc.)
* Create training opportunities for our students and young professionals to hone creative and technical skills.
* Stop "brain drain" and keep our students and young professionals from leaving Hawaii for quality film and digital media jobs and careers elsewhere.
* Build production infrastructure by stimulating the growth and development of our local production-support companies, such as those that specialize in editing, visual effects, animation, and production equipment.
* Inspire and empower the artistic and cultural creativity of Hawaii's own filmmakers.
* Offer "free" positive promotional exposure for the state – Film and television productions, and the press coverage they receive, showcase the beauty of Hawaii on a global scale and indirectly inspire viewers to want to visit Hawaii.
* Diversify Hawaii's economy by promoting a clean, non-polluting, highly skilled, highly visible industry.
* Compete with other jurisdictions that offer attractive production incentives.
- 47 states already have a film incentive program in place, and 17 states are passing new or additional incentives to be even more competitive.
- Many foreign countries, including Hawaii's direct competitors Australia, New Zealand, Mexico, and Fiji, also have aggressive film incentives in place in addition to attractive exchange rates.
- Louisiana has grown its annual production expenditures from $20M to $335M in just 2 years with
the help of a 10-20% refundable production tax credit.
- New Mexico had a 10-fold increase in its film union roster, and went from $8M in annual production expenditures to $200M in one year. This year, NM is increasing its refundable production tax credit to 20% (from 15%) and doubling its local film investment program to $15 million.
- New York, already a leader in film production, passed a 10% state credit and a 5% city credit to keep productions from going to Canada. Projected benefit: $1B in additional production expenditures over the next 4 years.
- Florida, a direct competitor, is increasing their film tax credit cap by 400% this year.
* Dwight Takamine: 808-586-6200 phone; 808-586-6201 fax, reptakamine@Capitol.hawaii.gov
District 1 - North Kohala, South Kohala, Hamakua, North Hilo, South Hilo
* Calvin Say: 808-586-6100 phone; 808-586-6101 fax, repsay@Capitol.hawaii.gov
District 20 - St. Louis Heights, Palolo Valley, Maunalani Heights, Wilhelmina Rise, Kaimuki
* Jerry Chang: 808-586-6120 phone; 808-586-6121 fax; repchang@Capitol.hawaii.gov
District 2 - South Hilo, Waiakea Kai, Kaumana, Keaukaha
* Carol Fukunaga: 808-586-6890 phone; 808-586-6899 fax; senfukunaga@Capitol.hawaii.gov
District 11 - McCully, Tantalus, Punchbowl, Honolulu
The legislators above are aware of the bill, and the more pressure the local film community puts on them, the better chance we have of reviving this bill (yes, "reviving" because it is pretty much on its death bed right now). How will HB1590 benefit Hawaii? See below.
PLEASE CALL/EMAIL/FAX THEM RIGHT NOW!!!!
------------------------
Benefits of HB1590 to the State of Hawaii
(Enhanced Refundable Film/TV Production Tax Credit)
Summary of HB1590:
Enhance current 4% refundable production tax credit by raising credit amount to 15% for Oahu and 20% for neighbor islands, lowering minimum spending requirement to $200K, forbidding double-dipping with Act 221, and clarifying definitions and eligibility requirements.
Benefits of HB1590:
* Save the state money – The 15-20% refundable production tax credit is meant to draw productions away from Act 221 (100% investment tax credit) since they cannot claim both credits. At 100%, Act 221 is much more expensive than the 15-20% credit, so HB1590 would actually reduce the amount the state is giving out in film tax credits.
* Create skilled, well-paying jobs for our local pool of film industry workers, as well as workers in related businesses (catering, hotels, consumer goods, communications, etc.)
* Create training opportunities for our students and young professionals to hone creative and technical skills.
* Stop "brain drain" and keep our students and young professionals from leaving Hawaii for quality film and digital media jobs and careers elsewhere.
* Build production infrastructure by stimulating the growth and development of our local production-support companies, such as those that specialize in editing, visual effects, animation, and production equipment.
* Inspire and empower the artistic and cultural creativity of Hawaii's own filmmakers.
* Offer "free" positive promotional exposure for the state – Film and television productions, and the press coverage they receive, showcase the beauty of Hawaii on a global scale and indirectly inspire viewers to want to visit Hawaii.
* Diversify Hawaii's economy by promoting a clean, non-polluting, highly skilled, highly visible industry.
* Compete with other jurisdictions that offer attractive production incentives.
- 47 states already have a film incentive program in place, and 17 states are passing new or additional incentives to be even more competitive.
- Many foreign countries, including Hawaii's direct competitors Australia, New Zealand, Mexico, and Fiji, also have aggressive film incentives in place in addition to attractive exchange rates.
- Louisiana has grown its annual production expenditures from $20M to $335M in just 2 years with
the help of a 10-20% refundable production tax credit.
- New Mexico had a 10-fold increase in its film union roster, and went from $8M in annual production expenditures to $200M in one year. This year, NM is increasing its refundable production tax credit to 20% (from 15%) and doubling its local film investment program to $15 million.
- New York, already a leader in film production, passed a 10% state credit and a 5% city credit to keep productions from going to Canada. Projected benefit: $1B in additional production expenditures over the next 4 years.
- Florida, a direct competitor, is increasing their film tax credit cap by 400% this year.
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posted by mynette at
11:14 AM
