HB 25-1005

House Bill 25-1005, which has been signed into law, offers tax incentives for established film festivals that move their operations to Colorado. The law provides a refundable tax credit of up to $34 million over ten years for large film festivals that meet specific criteria and attract at least 100,000 attendees annually, including many from out-of-state or internationally. Additionally, smaller local film festivals can receive up to $5 million in tax credits during the same period. This bill aims to boost Colorado's film industry by attracting major international film festivals to the state. Since it has been signed into law, this incentive is now available for qualifying film festivals that relocate to Colorado by January 1, 2026.

Official Summary

The act 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 entity) 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: This summary applies to this bill as enacted.)

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