The act adds established payments to personal services corporations as a qualified local expenditure (expenditure) for the purpose of qualifying for the film incentive income tax credit (credit), removes a condition that the credit is available only in years that the amount of state revenues are in excess of the limitation of state fiscal year spending by at least $50 million, and extends the deadline from February 4, 2025, to July 1, 2028, for a tax credit effectiveness study to be submitted to the finance committees of the house of representatives and the senate. The act requires a production company to make at least $100,000 in expenditures for the production company to be eligible for the credit. The credit must not exceed 22% of the expenditures of the production company, and $5 million is the maximum aggregate amount of all credits that may be issued in one calendar year. The act establishes a reservation system for a production company to apply for the credit before commencing production activities (activities). If the office of film, television, and media (office) determines that a production company is entitled to a tax credit reservation, the office shall notify the company in writing of the reservation and the amount. Once a production company has completed its activities in the state, the company may be issued a tax credit certificate if the office determines that the production company complied with all the requirements for the issuance of the credit. Activities must be completed on or before December 31, 2031. The office must provide the department of revenue with an electronic report of each production company to which the office issued a tax credit certificate for the preceding income tax year that includes the name of the production company, the amount of the credit awarded, and the production company's social security number or the production company's Colorado account number and federal employer identification number. The act repeals the credit on January 1, 2032. The act appropriates $29,120 from the general fund to the office of the governor for state fiscal year 2024-25. The act also appropriates $400,000 to the office of the governor for state fiscal year 2024-25 from the Colorado office of film, television, and media operational account cash fund. The appropriations may be used by the office to implement the act. APPROVED by Governor May 28, 2024 EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)