May 2006 Legislative Update

Session Ends/ Film Tax Credit Awaits Governor’s Signature.  Hawaii's 2006 legislative session came to a close yesterday. The state's $600 million surplus paved the way for a 15-20% film tax credit to be passed. If the Governor signs it into law, it will take effect July 1, 2006.

On May 2nd the legislature passed SB2570, SD2, HD2, CD1, the film/TV/ commercial/photography/digital media tax credit that gives a 15% rebate on Oahu production expenditures and a 20% rebate on neighbor island production expenditures. Yesterday, almost every legislator in both House and Senate voted "yes" on the measure--only Senators Slom and Trimble voted "no." Here's a summary of the measure: There's just one more step for this bill to officially become law: Governor Linda Lingle has 90 days to sign it into law (or veto it).