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Over the last few years, Colorado has been steadily revising and improving its film tax incentive program to help the state better compete with film production juggernauts like California, Georgia, and Louisiana.
At the beginning of June, Colorado Governor Jared Polis signed House Bill 1358, enhancing and extending the Centennial State's film tax credit program until 2029. The updates this bill makes to Colorado’s film tax credit create significant opportunities for filmmakers and the local economy.
Below, we’ll walk through just what changes are in effect with the new bill and how Colorado’s updated film tax incentive program might benefit your next production.
Before diving into the specifics of House Bill 1358 and the recent changes to Colorado’s film tax program, we invite you to explore film tax credits across the country with Wrapbook's Production Incentive Center.
This comprehensive resource offers detailed insights into film tax incentives in various states, helping filmmakers make informed decisions about their production locations.
With Wrapbook’s State Incentive Map you can easily navigate incentive options across the country. The Incentive Comparison Tool allows you to compare film tax incentives from different states side-by-side. And with the AI Incentives Expert, you can learn about the latest legislation and get clear explanations on how to make various state incentives work for you.
House Bill 1358 is a legislative initiative that will extend and expand Colorado's film tax credits.
First and foremost, the bill extends the amount of time that refundable tax credits will be available—from one year to four years.
The bill also removes the condition that the credit will only be available when state revenues exceed state spending by at least $50 million. It also raises the film tax credit project cap from $750,000 to $1.25 million, meaning projects can now be eligible for up to $1.25 million in film tax credits.
Colorado previously updated its film tax credit program in 2024, changing the incentive from a film tax rebate to a fully refundable film tax credit, a form of film tax incentive that can be very alluring to both studio and independent film and television productions. For more detail on the Colorado film tax credit program, check out Wrapbook’s guide here.
Much like the earlier 2024 update, this most recent update aims to attract larger productions and stimulate the local economy by increasing job opportunities and supporting local businesses.
The impact of House Bill 1358 is substantial. By increasing the project cap, the bill makes Colorado a more attractive location for significant film and television productions.
By extending the amount of time over which credits will be available, the new bill allows film production companies to plan projects years in advance, a common practice for larger productions.
The extension also allows Colorado to build up its film infrastructure over the next several years with investment in resources like sound stages and programs like industry training.
And with a guarantee that the credit will be available for the next four years, Colorado makes its film tax incentives even more enticing to episodic television productions that hope to secure credits over multiple years.
On the whole, the new bill is expected to boost the local economy, creating jobs and providing a financial uplift to local businesses.
Additionally, the increased cap makes Colorado more competitive with other states that offer more substantial incentives, potentially drawing more productions to the state.
In addition to the enhanced film tax credits provided by House Bill 1358, Colorado offers a unique combination of stunning natural landscapes, urban settings, and a supportive film community. The state's diverse scenery, from the Rocky Mountains to vibrant cityscapes, provides filmmakers with a wide range of filming options.
Moreover, Colorado's commitment to supporting the film industry through incentives and infrastructure makes it an ideal location for productions of all sizes.
For more information on Colorado’s film tax incentive program, check out Wrapbook’s guide to film tax credits in Colorado.
To learn more about the Colorado film office, check out Wrapbook’s recent episode of On Production, where Wrapbook Co-founder Cameron Woodward sits down with Donald Zuckerman and Arielle Brachfeld of the Colorado Film Office. And, dive deeper into the Colorado Film Office with Wrapbook’s blog post here.
House Bill 1358 marks a significant step forward for Colorado's film industry, enhancing the state's appeal as a premier filming destination.
By increasing the project cap, Colorado is poised to attract more significant productions, creating economic benefits and job opportunities.
Explore more about state incentives at Wrapbook’s Production Incentive Center and take the first step towards maximizing your production’s potential in Colorado.
At Wrapbook, we pride ourselves on providing outstanding free resources to producers and their crews, but this post is for informational purposes only as of the date above. The content on our website is not intended to provide and should not be relied on for legal, accounting, or tax advice. You should consult with your own legal, accounting, or tax advisors to determine how this general information may apply to your specific circumstances.
Tom is a filmmaker, producer, and marketing specialist based in Los Angeles.
