Colorado Governor Signs Law Restructuring Film Incentive Credit for Corporate Income, Individual Income Tax

The Colorado Governor June 5 signed a law to incentivize film production in Colorado by allowing a credit against individual income and corporate income tax for qualified expenditures. The law includes measures: 1) repealing the performance-based incentive rebate program for eligible film, television, and production-related expenses for 2024; 2) creating a state income tax credit for a film production company that employs a workforce with a minimum of 50 percent Colorado residents for in-state film production; 3) permitting the Office of Economic Development to approve certain qualified tax credits that exceed the credit limit; 4) specifying that the maximum aggregate ...