HB 24-1358: Film Incentive Tax Credit

• Extends the film incentive tax credit program through January 1, 2032 (previously set to expire January 1, 2025), allowing production companies to claim credits up to 22 percent of actual qualified local expenditures.

• Requires production companies to make at least $100,000 in qualified local expenditures and employ a workforce of at least 50 percent Colorado residents to be eligible for the credit.

• Adds new category of qualified local expenditures to include payments up to $1 million per calendar year to personal service corporations for employee-owner wages, subject to filing information returns with the tax department.

• Implements a tax credit reservation system where the office of economic development must reserve credits before production begins, with a $5 million per calendar year cap and no new reservations after December 31, 2029.

• Appropriates $29,120 to the office of the governor for economic development programs and $400,000 to the Colorado office of film, television, and media for implementation costs in fiscal year 2024-25.