HB20-1354: Film, Television, and Media Tax Credit

• Creates a transferable income tax credit for production companies conducting film, television, or media production in Colorado with a workforce of at least 50% Colorado residents.

• Offers a credit of up to 22% of qualified local expenditures for projects in prioritized areas (nonmetropolitan counties or municipalities with populations under 150,000) and up to 18% for projects in other areas, available for tax years 2021-2025.

• Requires conditional approval from the Colorado Office of Film, Television, and Media before production begins and a certified public accountant review upon project completion to verify eligibility and expenses.

• Allows credits to be used in the year issued or carried forward for up to 5 years, and permits transfer to other taxpayers with approval from the Office of Economic Development (transferees may carry forward an additional 3 years).

• Caps total tax credit certificates issued at $5 million per income tax year and requires the Office of Economic Development to establish a tracking system for credit issuance, transfer, and ownership.