STAND.
COM. REP. NO. 1230
Honolulu, Hawaii
, 2021
RE: S.B. No. 921
S.D. 2
Honorable Scott K. Saiki
Speaker, House of Representatives
Thirty-First State Legislature
Regular Session of 2021
State of Hawaii
Sir:
Your Committee on Economic Development, to which was referred S.B. No. 921, S.D. 2, entitled:
"A BILL FOR AN ACT RELATING TO TAXATION,"
begs leave to report as follows:
The purpose of this measure is to amend the Motion Picture, Digital Media, and Film Production Income Tax Credit by:
(1) Requiring the Department of Taxation to make a public disclosure identifying the names of the taxpayers who are receiving the tax credit and the total amount of tax credit received;
(2) Reducing
the cap amount per qualified production to $12,000,000; and
(3) Establishing an exception to the general prohibition against the Department of Taxation disclosing tax returns and return information.
Your Committee finds that while the film
industry in Hawaii is an important component of a diversified economy, it is
critical to evaluate the efficacy of the Motion Picture, Digital Media, and Film
Production Income Tax Credit as the State is facing serious economic challenges
due to the ongoing coronavirus disease 2019 pandemic. This measure will provide further transparency
for the Motion Picture, Digital Media, and Film Production Income Tax Credit, thereby
ensuring stability and predictable economic incentives for the film industry
and people employed in the film industry in the State.
As affirmed by the record of votes of the members of your Committee on Economic Development that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 921, S.D. 2, and recommends that it pass Second Reading and be referred to your Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Economic Development,
|
|
|
____________________________ SEAN QUINLAN, Chair |
|
|
|
|