Bill > HB1358

This bill amends the existing film incentive tax credit in Colorado. Key provisions include: 1. Extending the tax credit from January 1, 2024, to January 1, 2032, and capping the maximum annual aggregate amount of tax credits at $5 million per calendar year. 2. Allowing a tax credit of up to 22% of a production company's qualified local expenditures, provided the company spends at least $100,000 and employs a workforce of at least 50% Colorado residents. 3. Adding a new provision to allow a tax credit for payments up to $1 million per year to a personal service corporation for wages or salaries of an employee-owner who participates in the production activities. 4. Establishing a process for the Colorado Office of Economic Development to reserve tax credits for production companies before they begin production, subject to certain requirements and limitations. 5. Appropriating funds from the general fund and the Colorado Office of Film, Television, and Media Operational Account Cash Fund to the Office of the Governor for the implementation of this act. The bill aims to incentivize and support the film industry in Colorado, with a focus on promoting local economic activity and employment.

Budget and Finance

https://leg.colorado.gov/bills/hb24-1358