How do the revised rules in the Bipartisan Budget Act of 2015 affect you and your business?
The measure, sponsored by House Minority Leader Mark Ferrandino, D-Denver, and Rep. Tom Massey, R-Poncha Springs, passed the committee Thursday by a vote of 10 to 3.
The bill would increase incentives from 10 to 20 percent of the total amount of a production company’s qualified local expenditures. It also requires Colorado production companies receiving incentives to employ at least 50 percent Colorado residents, up from the current 25 percent requirement.
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“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.”
In addition, the bill would shift $3 million from the general fund to the state Office of Film, Television and Media.