Budget & Taxes (Tax Credits)

Increases the qualified production credit from twenty-two per cent to twenty-seven per cent in any county of the State with a population of over seven hundred thousand and twenty-seven per cent to thirty-two per cent in any county of the State with a population of less than seven hundred thousand. Lifts the per production cap of $17,000,000 for productions with qualified expenditures of $60,000,000 per project. Increases the annual cap to $60,000,000 from $50,000,000 for the total amount of the motion picture, digital media, and film production income tax credit allowed under section 235-17, HRS, and extends the sunset date of the tax credit to January 1, 2038. Clarifies and amends the requirement for an independent third-party certification and expands the definition of "qualified production" to include streaming platforms for the motion picture, digital media, and film production income tax credit. Includes a definition of "streaming platform".

Amends the renewable energy technologies income tax credit by: for taxable years beginning after 12/31/26, prohibiting taxpayers with an adjusted gross income of $250,000 or greater if filing as an individual or $350,000 or greater if filing jointly from claiming the credit for certain solar energy systems installed and placed in service on a single-family residential property; limiting credit claims for certain solar energy systems for single-family residential property to two systems per single-family residential property and requiring systems to have a total output capacity of at least five kilowatts; and increasing the adjusted gross income threshold below which an individual taxpayer may elect to have any excess credits refunded. Effective 7/1/3000. (HD1)

Specifies that the School Facilities Authority is not eligible as a housing developer for the purposes of the Low-Income Housing Tax Credit. Effective 7/1/3000. (HD1)

Increases the motion picture, digital media, and film production income tax credit for qualified productions that utilize qualified production facilities located within the State. Changes the cap amount and aggregate cap amount of the motion picture, digital media, and film production income tax credit to unspecified amounts. Exempts from the general excise tax reimbursement to a motion picture project employer for employee wages, salaries, payroll taxes, insurance premiums, and employment benefits. Effective 7/1/2050. (SD1)

HB 1214 proposes a tax credit for landlords who rent residential properties, allowing them to reduce their state income tax liability. This credit would directly affect landlords in rental housing, potentially lowering their tax burden. The bill's abstract specifies it establishes this credit but does not detail eligibility requirements for tenants or the credit amount. Currently, the bill is pending committee review for the 2026 legislative session.