Bill > HB1005

This bill creates a tax incentive program to support film festivals in Colorado by offering tax credits to both global and small/existing film festival entities. The legislation aims to attract larger film festivals to relocate to Colorado, with the expectation that such events could bring over 20,000 out-of-state visitors, boost local economies, increase sales tax revenue, and create jobs. The bill establishes two tracks for tax credits: one for global film festivals (with up to $34 million in potential credits) and another for existing or small Colorado film festivals (with up to $500,000 in annual credits). To qualify, film festivals must meet specific criteria, such as having a multi-decade operating history, attracting a significant number of attendees, and incurring qualified expenditures in Colorado. The Colorado Office of Economic Development will administer the program, developing policies and procedures for application, reservation, and issuance of tax credits. Importantly, the program is contingent on at least one global film festival commencing relocation to Colorado by January 1, 2026, and the tax credit program will be in effect from 2027 to 2037, with a built-in repeal date of December 31, 2041.

Budget and Finance, Business and Industry

https://leg.colorado.gov/bills/hb25-1005