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$50 Million in Tax Credits, $5 Million Annual Incentives, and 22% of Local Expenditures: Colorado Film Industry Boost to Attract Major Productions and Create Jobs!

Colorado Governor Signs Bill for Steady Film Industry Support

Expanded Tax Credit Program Signals Growth for Colorado’s Media Production Sector

According to 9NEWS in a significant boost for the film industry in Colorado, Governor Jared Polis has signed a groundbreaking bill into law ensuring steady-state economic incentives for media production over the next several years. For the first time, producers can now rely on up to $5 million in refundable tax credits annually through 2029 for creating movies television shows, and other media projects in the state. Additionally, the new policy increases the cap on incentive awards from 20% to 22% of local expenditures enhancing the attractiveness of Colorado as a filming destination.

The newly passed legislation allocates up to $50 million in tax credits to producers over the next four years, marking a substantial commitment to fostering the local film industry. Arielle Brachfeld, the deputy film commissioner for the Colorado Office of Economic Development and Trade, highlighted the expanded opportunities this funding provides. Brachfeld’s office which had previously received a one-year allocation of $5 million for the 2024 film program now benefits from a multi-year, guaranteed allocation for the first time allowing for more strategic and long-term planning in supporting film, television, and media production.

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$50 Million in Tax Credits, $5 Million Annual Incentives, and 22% of Local Expenditures: Colorado Film Industry Boost to Attract Major Productions and Create Jobs! (PHOTO: Entertainment Partners)

Colorado’s Strategic Shift: Bolstering the Film Industry for Sustainable Growth

This initiative represents a major shift in Colorado’s approach to supporting the creative industries promising a more stable and attractive environment for producers. By offering a consistent stream of incentives, the state aims to draw a larger number of film and media projects thereby boosting local economies and creating more job opportunities in the sector. The legislation underscores Colorado’s commitment to becoming a hub for media production ensuring that the state remains competitive and appealing to filmmakers and producers worldwide.

The multi-year funding assurance for the film industry in Colorado not only ensures financial stability but also promotes sustainable growth. Long-term commitments from producers enable the state to build a strong film infrastructure, attract major productions, and nurture local talent. The expected increase in media projects is anticipated to benefit ancillary industries like tourism and hospitality boosting economic growth. This investment positions Colorado as a leading destination for film production with potential for significant innovation and expansion in the future.

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