Legislators — CINEMA

KEY MESSAGES OF HB21-1285

Transfers $5 million from the general fund to the Colorado office of film, television, and media operational account cash fund and appropriates that amount to the governor's office for use in the 2021-22 state fiscal year by the Colorado office of film, television, and media in awarding performance-based incentives for film production in Colorado and for the loan guarantee program to finance production activities;

For the 2020-21 state fiscal year, appropriates $3.5 million, in addition to the amount appropriated pursuant to Senate Bill 20B-001, from the general fund to the creative industries cash fund for the arts relief program and removes the prohibition against an applicant that received a relief payment from the small business relief program from also receiving a relief payment under the arts relief program;
For the 2020-21 state fiscal year, appropriates $1.5 million from the general fund to the creative industries cash fund for allocation by the creative industries division to a nonprofit organization that administers grants to certain cultural facilities that focus on programming for and have board representation from defined historically marginalized and under-resourced communities; and
Transfers any money appropriated for the small business relief program that is not encumbered or expended by June 30, 2021, to the creative industries cash fund for the arts relief program.
(Note: This summary applies to this bill as introduced.)

KEY MESSAGES
An industry that benefits all Coloradans

For many years our industry has provided countless benefits to Colorado

● Growing Colorado’s tax base

● Providing career opportunities for Colorado’s students

● Bringing investment to rural areas

Although global demand for our industry has never been greater, in Colorado our industry is in decline

● Colorado's film and media businesses are closing

● Business owners are moving to other states, taking jobs, infrastructure, and tax dollars with them

● Colorado's students are leaving our state after graduating

● Colorado taxpayers are subsidizing educations that
increasingly benefit other states

● Colorado’s rural communities are losing investment

● Production companies taking their shoots to neighboring states

Fortunately, we can reverse this trend without a single new dollar from other programs

● Transferable Tax Credits would encourage and empower our industry to do business in Colorado

● Productions that invest in Colorado could apply for a tax credit, which Colorado-based companies could then purchase

● The transferable tax credits would thereby create multiple revenue streams for the state:

○ Growing Colorado’s tax base

○ Providing career opportunities for Colorado’s students

○ Bringing investment back to rural Colorado