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May 28, 2024

Signed! New Laws Will Boost Colorado Communities, Support Film Industry

ESTES PARK, CO - Governor Jared Polis today signed two bills into law to expand eligibility for the successful Community Revitalization Grant Program that creates jobs and supports local economies, and to modify the Film Incentive Tax Credit to include additional eligible expenses and extend the tax credit.

“I’m proud to have carried Colorado’s first multi-year law that will improve Colorado’s Film Incentive Tax Credit to help support and build our film industry,” said Rep. Leslie Herod, D-Denver, sponsor of HB24-1295 and HB24-1358. "Extending this tax credit will attract new film projects to our state, creating new jobs in the film industry and boosting our economy. HB24-1358 was also signed into law to bolster the Community Revitalization Grant Program, which has provided crucial funding for local communities in every corner of our state, helping local businesses stay in their community while creating essential housing and child care opportunities. Our new law will expand the grant program, dedicating new funding for Colorado communities to maintain the unique character of their town while keeping up with the demand for workforce housing, commercial spaces, and other resources.”

“The Community Revitalization Tax Credit supports many communities across Colorado to help them get housing and creative projects built,” said Rep. Brianna Titone, D-Arvada, sponsor of HB24-1295. "Our legislation expands the eligibility criteria for the grant program, so we can fund more projects to revitalize communities and downtowns across Colorado and support artists and creators in Colorado’s creative sectors. With this new law, we’re creating job opportunities, boosting small businesses and local Colorado economies, and supporting Colorado artists.”

In 2022, Representatives Brianna Titone and Leslie Herod and Senator James Coleman sponsored legislation to allocate $20 million of federal American Rescue Plan funds to the Community Revitalization Grant Program, which the legislature created as part of the Democrats’ Colorado Comeback State Stimulus plan. The program provides gap funding for projects in creative districts, historic districts, main streets, or neighborhood commercial centers to create workforce housing, commercial spaces, and child care centers to support the state’s economic recovery. Projects that have already received funding can be found here.

HB24-1295 expands eligibility for the Community Revitalization Grant Program to include projects that are qualified for funding under the Space to Create Colorado Program. The Space to Create Colorado Program helps communities develop affordable housing opportunities, commercial spaces, community gathering spaces, childcare centers, non-profit organizations, and other projects that provide community resources.

The law also establishes a refundable tax credit program for tax years 2026 through 2032 for creative industries and mixed-use and creative-use spaces for the general public.

HB24-1358 will modify the Film Incentive Tax Credit to include additional eligible expenses and extend the tax credit. These dollars would help spur additional film production in Colorado, creating new jobs in the creative sector.

“Colorado is home to many beautiful sceneries that filmmakers would like to showcase, and we’re making it easier for them to afford to film here,” said Rep. Marc Snyder, D-Manitou Springs, sponsor of HB24-1358. “By extending the Film Incentive Tax Credit, we’re opening up more jobs and boosting Colorado’s film industry to attract new projects and support Coloradans in the arts.”

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