House Bill 23-1309 Summary

• Creates a new film incentive income tax credit (effective January 1, 2024) allowing production companies a credit of 20-22% of qualified local expenditures if minimum spending thresholds are met and at least 50% of workforce are Colorado residents.

• Establishes a maximum aggregate credit cap of $5 million per calendar year if state revenues exceed $50 million; otherwise no credits allowed unless the General Assembly authorizes a specific amount by bill.

• Requires production companies to apply to the Office of Economic Development before beginning production, obtain conditional approval, and provide a certified public accountant's financial report upon completion to claim the credit.

• Prohibits production companies from claiming both the new income tax credit and the existing performance-based incentive for the same qualified expenditures.

• Sunsets the new tax credit effective December 31, 2034, and modifies the existing performance-based incentive program to operate only before January 1, 2024 and on or after January 1, 2025.