This bill establishes a refundable tax credit program to incentivize the relocation of a major international film festival to Colorado. However, the tax credit will only take effect if a large, established film festival decides to move to the state by January 1, 2026.
Key Criteria for the Tax Credit to Apply:
The festival must have been running for multiple decades.
It must have a proven track record of attracting:
100,000+ in-person ticket sales annually.
10,000+ attendees from out-of-state and internationally.
The relocation to Colorado must begin before January 1, 2026.
Tax Credit Details (if a qualifying festival relocates):
Starting in 2027 and running through 2037, the festival could receive up to $34 million in refundable tax credits.
Smaller, existing film festivals in Colorado collectively can receive up to $5 million in tax credits.
Purpose of the Bill:
This bill is likely intended to boost Colorado’s film industry, tourism, and economy by attracting a globally recognized festival. By making the tax credit conditional on relocation, it ensures that incentives only apply if a major festival commits to moving.
Summary
The bill creates a new refundable tax credit only if at least one
qualified film festival 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.
