Hawaii DOT Posts Draft of Verification Review Requirements for Claiming Film Production Income Tax Credit

The Hawaii Department of Taxation Sept. 26 posted a draft setting forth requirements of a verification review, which is required for claiming a motion picture, digital media, and film production corporate income tax credit. The verification review is an “agreed upon procedures report” prepared by a qualified certified public accountant (CPA). The draft provides: 1) the available film credit that can be claimed by qualified productions for qualified production costs in Hawaii; 2) general requirements of the report preparation and stating of qualified costs; and 3) procedures for verification of claimed production costs, certain items to be included in the ...