The bill creates a film incentive task force to study how to make the performance-based incentive for film production in Colorado more effective. The task force is required to submit its findings to the house of representatives business affairs and labor committee and the senate business, labor, and technology committee by January 1, 2023.
The executive director of the office of economic development is authorized, in the executive director's discretion, to authorize the approval or issuance of an incentive in an amount that exceeds the current statutory limit of 20% of qualifying local expenditures for a production company that qualifies for an incentive.
The bill makes a $2 million transfer from the general fund to the Colorado office of film, television, and media operational account cash fund for fiscal year 2022-23.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)