Vote on Tax Incentive for Hawaiian Studio built by Steve Bing and Ryan Kavanaugh
Fri, 29 Apr 2011 17:17:08
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What has recently been nicknamed as the "Relativity Bill," could end up being passed tonight, which would set the stage for a major expansion of film and television production in the "aloha state."
If passed, the bill would increase tax credits for shooting in Hawaii substantially, and lead to the construction of two separate $200 million production complexes in the 50th state led by Ryan Kavanaugh's Relativity Media and Steve Bing's Shangri-La Business Group. Watch four videos below about the incentive and hear celebrities like Bradley Cooper, Ashley Tisdale and Adrien Brody say, "Aloha" to the bill.
The bill has already been passed by the Hawaiian Senate and House of Representatives, and on Friday, a joint committee met to consider it with a midnight deadline for approval.
Kavanaugh recently told TheWrap that the new complex would make Hawaii, "One of the most competitive places to shoot in the world." The article also states that the current plans for the construction call for 10 adjoining 18,000-square-foot stages on 31 acres in Maui, and a similarly-sized building in Oahu. The total budget for the two complexes, which have been described as "green" and "state-of-the-art" by Relativity, would cost just under $400 million, and be shared by Relativity, Shangri-La and the state of Hawaii itself. Smaller complexes in other areas of the state are also under consideration, including Kauai and Hawaii.
The bill includes a 40 percent tax credit for shooting in countries that have a population of under 700,000, and a 25 percent credit in countries with more than 700,000, with a $25 million cap on each project. The bill also will also institute an income tax credit of 40 percent and 35 percent, depending on the size of the country. The bill will also establish a training and advancement program for local crew members.
Even former President Bill Clinton chimed in with his opinion on the matter. "After reviewing the bill and working closely with Shangri-La, this is exactly the kind of credit, training program, commitment to build, and company affiliation (with Relativity) that the state of Hawaii needs to turn its economy around."
To vote on this bill before midnight, or to get more information about it, go to www.hawaiifilmincentive.com.
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