Leg '06: Here Come the Film Bills

The first of this year's film bills have been posted on the state legislature's website. Here they are (click on bill # for full bill text):

15-20% Production Tax Credit
The following are "companion" bills, which start out as the same exact bill, but one is introduced in the House ("HB"=House bill) and one in the Senate ("SB"=Senate bill).

• HB3080, RELATING TO DIGITAL MEDIA.
  Introduced by: KARAMATSU, CHANG, Abinsay, Chong, Magaoay, Tsuji, Yamashita
  Summary: Temporarily replaces the motion picture and film production tax credit with the motion picture, digital media, and film production tax credit which provides an income tax credit amounting to 15% of qualified production costs incurred, in any county of Hawaii with a population over 700,000, and 20% in any county of Hawaii with a population under 700,000; establishes criteria to qualify for the tax credit; caps credit at $8,000,000 per production.
• SB2570, RELATING TO DIGITAL MEDIA.
  Introduced by: TANIGUCHI, FUKUNAGA
  Summary: (same as above)
  

Investment Tax Credit 20% Buy-Back Program for Performing Arts
Companion bills:

• HB2421, RELATING TO PERFORMING ARTS BUSINESSES.
  Introduced by: SAY
  Summary: Allows for the transfer of high technology business investment tax credits for performing arts qualified high technology businesses (QHTBs). Establishes a program by which the state could buy back tax credits from these QHTBs at deeply discounted rate: 20% of the face value of the credits distributed over 5 years. Requires performing arts QHTBs using this program to contribute .5 percent of their aggregate qualified investments per year to the Hawaii television and film development special fund.
• SB2384, RELATING TO PERFORMING ARTS BUSINESSES.
  Introduced by: BUNDA
  Summary: (same as above)
  

So what now? Read the bills and see what you think. Start preparing your written testimonies for them, and check back to see when the public hearings on these bills will occur (and when your testimonies are due). Remember that hearings are organized by subject committee, and the following committees are the ones that will probably hear these particular bills: EDB, TAC, and FIN in the House, and MAT and WAM in the Senate. Stay tuned...

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