Legislation, HB 1010 has been proposed to add a 20% transferable credit for qualified Colorado production expenditures, for income tax years commencing on or after January 1, 2009, for expenses incurred on or after July 1, 2009. Press reports state that a 10% refundable credit would be revenue neutral.
The Department of Commerce, Community and Economic Development has proposed new regulations dealing with the transferable tax credit for film production expenditures. Public comments on the proposed incentives may be submitted and must be received no later than 4:30 p.m. (Pacific) on February 11, 2009. Click here