STAND. COM. REP. NO.965
Honolulu, Hawaii
, 2003
RE: S.B. No. 359
S.D. 2
Honorable Robert Bunda
President of the Senate
Twenty-Second State Legislature
Regular Session of 2003
State of Hawaii
Sir:
Your Committee on Ways and Means, to which was referred S.B. No. 359, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO FILM INDUSTRY,"
begs leave to report as follows:
The purpose of this Act is to expand the income tax credit for motion picture and film production to keep pace with national and international competition.
In particular, this measure:
Your Committee finds that while the existing income tax credit for motion picture and film production has provided incentives for motion picture and television film producers to film in Hawaii, Hawaii's tax credits are less competitive in comparison with other jurisdictions.
For example, your Committee finds that competitive economic initiatives have been adopted by states such as Oklahoma, which offers a cash rebate of fifteen per cent of documented expenditures in that state that are directly related to film and television production. New Mexico and California also offer greater incentives to encourage film production in those states.
Your Committee therefore agrees with the intent of this measure to broaden the tax credit to expand production opportunities within Hawaii, while at the same time collecting an appropriate level of revenue from these businesses.
Your Committee has amended this measure by:
As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 359, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 359, S.D. 2.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
____________________________ BRIAN T. TANIGUCHI, Chair |
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