The proposed bill will double the state’s current incentive rate from 10 percent to 20 percent. Rep. Tom Massey, a Republican from Poncha Springs, and House Minority Leader Mark Ferrandino, a Democrat from Denver, sponsored ‘House Bill 1286′. It allocates $3 million to the Colorado Office of Film, Television and Media to use as incentives in the form of tax breaks and as loans for productions.
In Ed Sealover’s Denver Business Journal coverage of the rally, he quoted Massey:
“The fact is, this industry puts people to work and puts dollars in rural economies and urban economies. We’ve been working on this for a number of years. We’re making progress. … We’re going to see film actually come back to Colorado and we’re going to see our economic drivers increase.”
The Organizing group behind the rally is CINEMA – Colorado Innovators of New Entertainment Media & Arts. They held sign making pre-rallies all Tuesday night and gathered supporters, media, filmmakers and students at 7:30 a.m. on the steps of the Capitol in temperatures below 20 degrees.
Colorado Senator Linda Newell is also a sponsor of House Bill 1286. Her website notes, “The bill will also create a loan-guarantee program in which Colorado will take a facility fee from the production company in exchange for the guarantee. A bank will lend the money, not the state. The legislation has sponsors from both the House and the Senate.”
A total of 32 Colorado House Representatives and 13 Senators are sponsoring the bill. The entire bill can be read at the Colorado General Assembly site. If passed, the congressional act will go into effect for the fiscal year beginning July 1, 2012. For an in-state production to claim the incentive, the bill requires at least 50 percent of the work force be Colorado residents.
That is promising news for graduates and students at any of the 13 film schools in Colorado, who currently don’t have many prospects for work in the hometown. CINEMA has noted this as an economic “Brain Drain,” where the state is educating hundreds in the creative fields, but losing graduates to states that have more opportunities.