Hawaii film companies to recieve bigger film tax creditUPDATED 7:33 PM HST Jun 14, 2013Video Transcript
producers -- a new, bigger film tax credit that takes effect July First. And that means saving money for their next movie production in Hawaii. But as KITV4's Jill Kuramoto reports ... Local film production companies say they're still waiting for THEIR next big break. The state's movie industry is expecting to get a big boost in business with a new and bigger tax credit that takes effect July First. Movie productions will be able to claim a credit of up to $15 million dollars -- what state film commissioner Donne Dawson says is needed to stay in the game. 18:04:10 IF HAWAII IS SERIOUS ABOUT WANTING TO BE IN THE FILM INDUSTRY AND CREATE A THRIVING INDUSTRY, THIS IS THE COST TO DO BUSINESS. 18:04:21 While critics question the effectiveness of the tax credit... Dawson says the exposure and economic benefit to the state is immeasurable. According the film office...the film industry generated roughly 250-million dollars in direct spending in Hawaii last year and created 2,500 full time jobs. 44:44 WHILE THESE TAX CREDITS ARE A MAJOR BENEFIT TO HOLLYWOOD AND THEIR BIG BUDGETS LIKE THE ONES WHO USE THE DIAMOND HEAD STUDIOS HERE IT'S NOT THE BREAK LOCAL FILM PRODUCTION COMPANIES SAY THEY NEED TO TELL THEIR STORIES.44:54 20:41 THIS IS SUPPOSED TO BE THE TITLE SHOT. 20:42 Local film director Dave Rosen is working on a movie about fishermen who try to protect their beach from development -- using some familiar faces in the starring roles. 23:51 YOU NEVER SEEN IT? THE SKULL. NO... 23:54 27:08 LET ME MAKE IT A LITTLE BRIGHTER Rosen says the tax credits for the big studios provide jobs, and that's a good thing. But to qualify for the credits, a company has to spend a minimum of 200-thousand dollars which he says is WAY above the budget for the smaller, local players. 14:26 IF the STATE REALLY WANTS LOCALLY ORIGINATED PRODUCTIONS I THINK THEY NEED TO HELP IT ALONG. 14:32 Rosen says an investment tax credit like one that expired 2 years ago would benefit local independent filmmakers. Until that happens... 42:57 WIDE SHOT NAT SOUND local filmmakers will have to rely on grants and private donations to help tell a story on the big screen. Jill Kuramoto, KITV4 News. The new tax credit rises from 15 to 20 percent -- for films made on Oahu -- and up to 25 percent for films made on the neighbor islands. The credit is good through January 1, 20-19.