Amendments for HB25-1005
House Journal, February 7
24 HB25-1005 be amended as follows, and as so amended, be referred to
25 the Committee on Appropriations with favorable
26 recommendation:
27
28 Amend printed bill, page 3, strike lines 15 through 20 and substitute
29 "ENTITY THAT:
30 (I) IS EITHER A TAX-EXEMPT ENTITY UNDER SECTION 501 (c)(3) OF
31 THE INTERNAL REVENUE CODE OR A FOR-PROFIT ENTITY; AND
32 (II) HAS A MULTI-DECADE OPERATING HISTORY AND A VERIFIABLE
33 ANNUAL TRACK RECORD OF ATTRACTING ONE HUNDRED THOUSAND OR
34 MORE IN-PERSON TICKET SALES AND TENS OF THOUSANDS OF
35 OUT-OF-STATE AND INTERNATIONAL ATTENDEES FOR THE FILM FESTIVAL.".
36
37 Strike page 5 and substitute:
38 "(3) (a) SUBJECT TO SUBSECTION (3)(e) OF THIS SECTION, FOR
39 CALENDAR YEARS COMMENCING ON OR AFTER JANUARY 1, 2027, BUT
40 BEFORE JANUARY 1, 2037, THERE IS ALLOWED A CREDIT WITH RESPECT TO
41 INCOME TAXES IMPOSED PURSUANT TO THIS ARTICLE 22 TO ANY GLOBAL
42 FILM FESTIVAL ENTITY OR EXISTING OR SMALL COLORADO FILM FESTIVAL
43 ENTITY THAT RECEIVES A TAX CREDIT CERTIFICATE PURSUANT TO THIS
44 SECTION IN THE AMOUNT OF THE TAX CREDIT CERTIFICATE.
45 (b) THE OFFICE MAY RESERVE A TAX CREDIT FOR THE BENEFIT OF
46 ANY GLOBAL FILM FESTIVAL ENTITY PURSUANT TO SUBSECTION (6) OF THIS
47 SECTION SUBJECT TO THE FOLLOWING LIMITS:
48 (I) FOR CALENDAR YEARS COMMENCING ON OR AFTER JANUARY 1,
49 2027, BUT BEFORE JANUARY 1, 2029, THE AGGREGATE AMOUNT OF TAX
50 CREDIT THAT MAY BE RESERVED IS FOUR MILLION DOLLARS PER YEAR;
51 (II) FOR THE CALENDAR YEAR COMMENCING ON JANUARY 1, 2029,
52 THE AGGREGATE AMOUNT OF TAX CREDIT THAT MAY BE RESERVED IS FIVE
53 MILLION DOLLARS; AND
54 (III) FOR CALENDAR YEARS COMMENCING ON OR AFTER JANUARY
55 1, 2030, BUT BEFORE JANUARY 1, 2037, THE AGGREGATE AMOUNT OF TAX
56 CREDIT THAT MAY BE RESERVED IS THREE MILLION DOLLARS PER YEAR.
1 (c) SUBJECT TO SUBSECTION (3)(e) OF THIS SECTION, THE OFFICE
2 MAY RESERVE A TAX CREDIT FOR THE BENEFIT OF ANY EXISTING OR SMALL
3 COLORADO FILM FESTIVAL ENTITY PURSUANT TO SUBSECTION (7) OF THIS
4 SECTION. FOR CALENDAR YEARS COMMENCING ON OR AFTER JANUARY 1,
5 2027, BUT BEFORE JANUARY 1, 2037, THE AGGREGATE AMOUNT OF TAX
6 CREDIT THAT MAY BE RESERVED PURSUANT TO THIS SUBSECTION (3)(c) IS
7 FIVE HUNDRED THOUSAND DOLLARS PER YEAR.".
8
9 Page 6, strike lines 1 through 3.
10
11 Reletter succeeding paragraphs accordingly.
12
13 Page 6, line 12, strike "(3)(f)" and substitute "(3)(e)".
14
15 Page 6, strike lines 14 through 19 and substitute:
16
17 "(4) (a) SUBJECT TO THE PROGRAM POLICIES AND PROCEDURES
18 ESTABLISHED BY THE OFFICE, A GLOBAL FILM FESTIVAL ENTITY MAY BE
19 ALLOWED A TAX CREDIT FOR EACH TAX YEAR IN WHICH A FILM FESTIVAL
20 OCCURRED. A GLOBAL FILM FESTIVAL ENTITY OR AN EXISTING COLORADO
21 FILM FESTIVAL ENTITY MAY BE ALLOWED AN ADDITIONAL TAX CREDIT IN
22 THE SUBSEQUENT TAX YEAR WITH RESPECT TO ANY QUALIFIED
23 EXPENDITURES INCURRED IN THAT YEAR.".
24
25 Page 6, strike line 22 and substitute "COMMENCEMENT OF THE YEAR IN
26 WHICH THE FILM FESTIVAL OCCURRED MAY BE ADDED TO THE QUALIFIED
27 EXPENDITURES THAT OCCURRED DURING THE TAX YEAR IN WHICH THE
28 FESTIVAL OCCURRED".
29
30 Page 6, line 25, after the period add:
31 "(c) ONLY ONE CREDIT IS ALLOWED IN ACCORDANCE WITH THIS
32 SECTION WITH RESPECT TO A QUALIFIED EXPENDITURE.".
33
34 Page 9, line 21, after "SECTION." insert "THE AMOUNT OF THE TAX CREDIT
35 IS THE LESSER OF THE QUALIFIED EXPENDITURES CALCULATED PURSUANT
36 TO SUBSECTION (4) OF THIS SECTION OR THE AMOUNT OF THE TAX CREDIT
37 RESERVED PURSUANT TO SUBSECTION (6)(b) OF THIS SECTION.".
38
39 Page 12, lines 9 and 10, strike "26 U.S.C. SEC 501 (c)(3) OF THE FEDERAL
40 "INTERNAL REVENUE CODE OF 1986" and substitute "SECTION 501 (c)(3)
41 OF THE INTERNAL REVENUE CODE".
42
43 Page 12, line 14, after the period add "A TAX-EXEMPT ENTITY SHALL FILE
44 A RETURN PURSUANT TO SECTION 39-22-601 (7)(b).".
45
46
House Journal, March 12
34 Amendment No. 1, Finance Report, dated February 6, 2025, and placed
35 in member’s bill file; Report also printed in House Journal, February 7,
36 2025.
37
38 Amendment No. 2, by Majority Leader Duran:
39
40 Amend the Finance Committee Report, dated February 6, 2025, page 1,
41 line 1, strike "3," and substitute "2 of the printed bill, after line 1 insert:
42
43 "SECTION 1. In Colorado Revised Statutes, 24-48.5-116, amend
44 (5)(b) as follows:
45 24-48.5-116. Film, television, and media - performance-based
46 incentive for film production in Colorado - Colorado office of film,
47 television, and media operational account cash fund - creation -
48 definition. (5) (b) The moneys MONEY in the fund shall be annually
49 appropriated to the office for the operation of the office, for the
50 performance-based incentive for film production in Colorado as specified
51 in subsection (1) of this section, and for the loan guarantee program as
52 specified in section 24-48.5-115 (3), AND FOR OTHER PROGRAMMING
115 53 CARRIED OUT BY THE OFFICE IN ACCORDANCE WITH SECTION 24-48.5-
54 (2).".
55
1 Renumber succeeding sections accordingly.
2
3 Page 3 of the bill, after line 13 insert:
4
5 "(a) "EXISTING OR SMALL COLORADO FILM FESTIVAL ENTITY"
6 MEANS A FILM FESTIVAL ENTITY THAT IS NOT A GLOBAL FILM FESTIVAL
7 ENTITY. AN EXISTING OR SMALL COLORADO FILM FESTIVAL ENTITY MAY
8 BE AN ENTITY THAT PROVIDES VIDEO, TELEVISION, NEW MEDIA, OR
9 CONTENT CREATION EXHIBITION.".
10
11 Reletter succeeding paragraphs accordingly.
12
13 Page 3 of the bill,".
14
15 Page 1 of the committee report, after line 8 insert:
16
17 "Page 3 of the bill, strike lines 21 through 24.
18
19 Reletter succeeding paragraphs accordingly.".
20
21 Amendment No. 3, by Majority leader Duran:
22
23 Amend the Finance Committee Report, dated February 6, 2025, page 1,
24 line 11, strike "CALENDAR" and substitute "TAX".
25
26 Page 2 of the report, line 14, after "ENTITY" insert "OR AN EXISTING OR
27 SMALL COLORADO FILM FESTIVAL ENTITY".
28
29 Page 2 of the report, strike lines 15 and 16 and substitute "ALLOWED A
30 TAX CREDIT FOR EACH TAX YEAR IN WHICH THE GLOBAL FILM FESTIVAL
31 ENTITY OR EXISTING OR SMALL COLORADO FILM FESTIVAL ENTITY HOSTS
32 A FILM FESTIVAL IN COLORADO. A GLOBAL FILM FESTIVAL ENTITY OR AN
33 EXISTING OR SMALL COLORADO".
34
35 Page 2 of the report, strike lines 20 through 24 and substitute:
36
37 "Page 6 of the printed bill, strike lines 20 through 25 and substitute:
38
39 "(b) FOR PURPOSES OF THIS SECTION, WHEN DETERMINING THE
40 AMOUNT OF TAX CREDIT FOR WHICH A GLOBAL FILM FESTIVAL ENTITY OR
41 EXISTING OR SMALL COLORADO FILM FESTIVAL ENTITY IS ELIGIBLE, ANY
42 QUALIFIED EXPENDITURE THAT OCCURRED IN THE ELEVEN MONTHS PRIOR
43 TO THE COMMENCEMENT OF A TAX YEAR IN WHICH THE FILM FESTIVAL
44 ENTITY HOSTED A FILM FESTIVAL IN COLORADO MAY BE ADDED TO THE
45 QUALIFIED EXPENDITURES THAT OCCURRED DURING THE TAX YEAR IN
46 WHICH THE FILM FESTIVAL ENTITY HOSTED A FILM FESTIVAL IN
47 COLORADO.".
48
49 Page 6 of the bill, before line 26 add:".
50
51 Amendment No. 4, by Representative Titone:
52
53 Amend printed bill, page 4, line 1, strike "COLORADO OR SMALL" and
54 substitute "OR SMALL COLORADO".
55
56 Page 7, strike lines 7 through 21 and substitute:
1 "(b) WHEN DETERMINING THE PRIORITY AND AMOUNT OF A
2 RESERVATION OF A TAX CREDIT FOR AN EXISTING OR SMALL COLORADO
3 FILM FESTIVAL ENTITY, IF THERE ARE MORE REQUESTS FOR TAX CREDIT
4 RESERVATIONS THAN THERE ARE RESERVATIONS AVAILABLE, THE OFFICE
5 MUST PROVIDE PRIORITY TO EXISTING OR SMALL COLORADO FILM
6 FESTIVAL ENTITIES ACCORDING TO A COMPETITIVE EVALUATION. THE
7 OFFICE SHALL EVALUATE APPLICATIONS BASED ON THE FOLLOWING
8 CRITERIA AND SHALL PRIORITIZE APPLICATIONS FROM AN ENTITY THAT:
9 (I) FACES A SUBSTANTIAL MARKET OR ENVIRONMENTAL CHANGE
10 THAT DEMONSTRATIVELY IMPACTS THE ONGOING VIABILITY OF THE ENTITY
11 AND IS OUTSIDE OF THE ENTITY'S CONTROL;
12 (II) DEMONSTRATES HISTORIC COMMUNITY AND ECONOMIC
13 IMPACT, WITH SPECIAL CONSIDERATION BEING GIVEN TO AN ENTITY THAT
14 HAS RUN A FESTIVAL FOR MORE THAN TEN YEARS;
15 (III) DEMONSTRATES INNOVATION AND UNIQUENESS;
16 (IV) INCREASES GEOGRAPHIC EQUITY; OR
17 (V) DEMONSTRATES COMMUNITY SUPPORT THROUGH LETTERS OF
18 RECOMMENDATION INCLUDING, BUT NOT LIMITED TO, LETTERS THAT
19 INCLUDE DEMONSTRATIONS OF HISTORIC AND ECONOMIC IMPACT FROM:
20 (A) A LOCAL ELECTED OFFICIAL, SUCH AS A MAYOR; OR
21 (B) A LOCAL GOVERNING BODY, SUCH AS A CITY COUNCIL OR
22 BOARD OF COUNTY COMMISSIONERS.".
23
24 Page 12, line 1, after "SECTION." insert "THE AMOUNT OF THE TAX CREDIT
25 IS THE LESSER OF THE QUALIFIED EXPENDITURES CALCULATED PURSUANT
26 TO SUBSECTION (4) OF THIS SECTION OR THE AMOUNT OF THE TAX CREDIT
27 RESERVED PURSUANT TO SUBSECTION (7)(b) OF THIS SECTION."
28
29 As amended, ordered engrossed and placed on the Calendar for Third
30 Reading and Final Passage.
31