The bill modifies provisions governing the Colorado office of film, television, and media (office). Section 2 of the bill:
- Moves the office to the office of economic development;
- Adds "television show" to the definition of "film";
- Clarifies that sound recording is included in allowable payments for qualified local expenditures;
- Reduces the payments allowed for each employee or contractor from $3 million to $1 million;
- Creates a loan guarantee program for production activities;
- Requires in-state production activities to be made up of at least 50% Colorado residents in order to claim a performance-based incentive for film production in Colorado (incentive), instead of the previous 25% requirement;
- Increases the amount of the incentive to 20% of the total amount of the production company's qualified local expenditures;
- Except for television commercials, increases the amount of qualified local expenditures for a production company that does not originate the film production activities in Colorado to $1 million;
- Requires the Colorado economic development commission to approve all conditional approvals of the incentives;
- Requires a production company that has received conditional approval for an incentive to retain a certified public accountant licensed to practice in this state to conduct an audit of financial documents that detail the expenses incurred in the course of the film production activities in Colorado, and requires such certified public accountant to certify to the office that the requirements were met; and
- Creates the Colorado office of film, television, and media operational account cash fund.
Sections 3 to 5 make conforming amendments related to moving the office and creating the cash fund.
Section 7 of the bill makes a $3 million appropriation from the general fund to the Colorado office of film, television, and media operational account cash fund.