By B.J. Reyes
Expanded tax credits for film and television production in Hawaii remain alive – if barely – as the Legislature enters the final week of conference committees next week.
On Friday, lobbyists for Comcast/NBC Universal Media were circulating results of an independent study showing that tax credits for media production have resulted in a significant return on investment for Hawaii.
Among the findings:
>> Estimated cost of tax credits to state: $20.4 million.
>> Tax revenues from film production: $25.2 million.
>> Direct/indirect jobs created: 3,287.
>> Film & TV expenditure in Hawaii from 2006-11: $210.7 million.
>> Local productions have led to “Film Induced Tourism” resulting in estimated tax revenue of $62.3 million and 8,900 direct/indirect new jobs.
>> A return on investment for Hawaii of 4:1.
From the report’s executive summary:
“Hawaii’s film and television production industry is an important contributor to the state economy through the creation of jobs and the generation of income tax and tax revenues. In addition, film and television production in Hawaii contributes to the visitor industry through the worldwide exposure of these productions.”