BACKGROUND
As Introduced, here are the key points of HB24-1358
The bill will extend the program 4 more years, with $5m each year
It will allow for rollover if funds aren’t fully allocated
It will increase the production qualification period to 2 years vs 1 year
There’s no TABOR trigger
Colorado’s state legislature is about to consider a bill (HB24-1358) that would be a tremendous boost for the state’s film, television, and media industry.
The bill will propose a new incentive program using a tax credit, starting at $5 million per year, and maintaining that level for 4 years.
This would allow media companies that invest in Colorado to apply for a tax credit. If the media company owes less in state taxes than the credit is worth, they will receive the balance of that credit in the form as a cash rebate.
Colorado legislators have said they’re open to considering the bill, but to pass it, they need to hear from their constituents.
This is our community’s chance to explain why our industry is so valuable to Colorado, what its current decline is costing our state, and how a film incentive tax credit could reverse this trend – without needing extra dollars from other programs.
CINEMA Day: On Thursday, March 21st, we're coming together for a rally and press conference on the West Steps of the Colorado State Capitol from 11:30am to 11pm to express how important film, television, and media are to Colorado. The event is open to the public so please spread the word and encourage others to attend: EVENT LINK