SB3061

Report Title:

Entertainment Incentives

 

Description:

Establishes a new section which allows a tax income exclusion for income from live entertainment.

THE SENATE	S.B. NO.	3061
TWENTY-FIRST LEGISLATURE, 2002
STATE OF HAWAII

A BILL FOR AN ACT

 

relating to Economic development.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Hawaii has long been a destination for many performers known worldwide. Recent examples are, the upcoming Janet Jackson concert, Celine Dion's final concert, Earth Wind and Fire, Neil Diamond, Sting, and Japan's group Tube. Adding to this list are the many local musical and drama groups and performers and traveling musical and drama shows. These live performances often result in added tourism from fans who wish to attend performances in Hawaii and also enrich the lives of our local citizens offering them entertainment and a pleasant diversion from their everyday lives.

It is in the best interest for Hawaii to continue to host these live performances as they contribute to the economic development of out State. Therefore, the purpose of this Act is to offer a tax incentive for live performances.

SECTION 2. Chapter 235, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

"§235- Income derived from live performances excluded from gross and taxable income. (a) In addition to the exclusions in section 235-7, there shall be excluded from gross income, adjusted income, and taxable income, amounts received by performers, promoters, or broadcasters of live performances conducted in the State of Hawaii.

(b) For the purpose of this section, "live performance" means live musical and dramatic performances, including poetry readings, speeches, and lectures."

SECTION 3. New statutory material is underscored.

SECTION 4. This Act, upon its approval, shall apply to taxable years beginning after December 31, 2002.

INTRODUCED BY:	_____________________________