The act 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.
On July 1, 2022, the state treasurer is required to transfer $2 million from the general fund to the Colorado office of film, television, and media operational account cash fund.
The $2 million that is transferred is appropriated to the office of the governor for use by the office of economic development for the Colorado office of film, television, and media.
(Note: This summary applies to this bill as enacted.)