Tax Incentive for Film Festivals

The bill creates a new refundable tax credit only if at least one qualified film festival entity with a multi-decade operating history and a verifiable track record of attracting 100,000 or more in-person ticket sales and over 10,000 out-of-state and international attendees (global film festival) commences the relocation of the festival to Colorado by January 1, 2026. Upon relocation, for calendar years commencing on or after January 1, 2027, but before January 1, 2037, the maximum aggregate amount of refundable tax credits that any qualified global film festival entity is eligible to receive is $34 million and the maximum aggregate amount that all existing or small Colorado festival entities collectively may receive is $5 million. A film festival entity is allowed a tax credit for each tax year in which the film festival entity hosts a film festival in Colorado, and may be allowed an additional tax credit in the subsequent tax year with respect to any qualified expenditures incurred in the year the film festival entity hosted the film festival in Colorado.

(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)