Films to shoot in the US state include 'The Hateful Eight' and 'Furious 7'
Author: Gabriella Geisinger
Published: 30 May 2024
Colorado has extended their film and TV tax credit through 2029, and raised the cap from 20 to 22% of qualified local expenditure.
Colorado governor Jared Polis signed into law a bill to modify the Film Incentive Tax Credit to include additional eligible expenses and extend the tax credit.
Further changes removes a condition that the credit is available only in years that the amount of state revenues are in excess of the limitation of state fiscal year spending by at least $50 million.
A production company must make at least $100,000 in expenditures to be eligible for the credit, at a cap of 22%. $5 million is the maximum aggregate amount of all credits that may be issued in one calendar year.
The bill establishes a reservation system for a production company to apply for the credit before commencing production activities. Production activities must be completed on or before December 31, 2031.
“I’m proud to have carried Colorado’s first multi-year law that will improve Colorado’s Film Incentive Tax Credit to help support and build our film industry,” said Rep. Leslie Herod.
She added, "Extending this tax credit will attract new film projects to our state, creating new jobs in the film industry and boosting our economy."
“Colorado is home to many beautiful sceneries that filmmakers would like to showcase, and we’re making it easier for them to afford to film here,” said Rep. Marc Snyder, D-Manitou Springs, sponsor of HB24-1358.
“By extending the Film Incentive Tax Credit, we’re opening up more jobs and boosting Colorado’s film industry to attract new projects and support Coloradans in the arts.”
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