Two Hollywood moguls planning Hawaiian production studios

Looks like more competition for California - the Hawaiian legislature is apparently close to passing a measure that would increase tax credits for shooting films and television shows in the state. They're calling it the "Relativity bill" because it would set in motion the development of two large production studios for Ryan Kavanaugh's Relativity Media - as well as Steve Bing's Shangri-La Business Group. Weirdly, Bill Clinton has been lobbying Hawaiian legislators in support of the bill. From The Wrap:

The state tax department has estimated that the increased production credits will cost the state $46.3 million in lost revenue. But Kavanaugh claims the passage of the bill and construction of the studios "will bring $2 billion a year to Hawaii ... and grow their economy 10 fold within a decade." He says that five Relativity staffers have been living in Hawaii for the past four months working on the initiative. Numerous films and television shows have shot in Hawaii, from the "Jurassic Park" movies to the current "Hawaii Five-0" TV series -- but other productions set in Hawaii have filmed elsewhere.

From the Honolulu Star-Advertiser:

Film and television production spending in Hawaii was a record $407 million last year, but executives from Relativity and Shangri-La said the state needs to increase its film tax incentives to remain competitive with film production hubs in states such as Louisiana, Michigan and New Mexico.

Hawaii's interest in expanding its film and TV industry runs counter to the waning support for film credits in several states (some of them are not penciling out) But the commitments by Kavanaugh and Bing are obviously tempting.