April 5, 2012
(Denver) – A bipartisan bill to incentivize film and video game production in Colorado, bringing more good jobs to Colorado’s burgeoning creative industries passed the House Appropriations Committee this morning on a 10-3 vote.
House Bill 1286 sponsored by House Democratic Leader Mark Ferrandino (D-Denver) and Rep. Tom Massey (R-Poncha Springs) incentivizes the film industry to make more movies in Colorado by increasing Colorado’s film incentive from 10 to 20 percent. It also creates a loan guarantee program where Colorado will take an upfront 5 percent facility fee, paid by the production company in exchange for the guarantee, and then a bank, not the state, will provide the loan.
“Encouraging more film production in Colorado brings good jobs, good paychecks, and notoriety to Colorado for our state’s natural beauty,” Rep. Ferrandino said. “This morning’s decision to fund our film incentives program is a great example of Democrats and Republicans working together to keep Colorado’s economy going and get more Coloradans back to work.”
House Appropriations voted to fund the program at $3 million, which is administered by the Colorado Office of Film, Television, and Media Operational Account Cash Fund.