Colorado nearly out of tax incentives for movie companies

9NEWS @ 9. 10/4/2016

KUSA - Only 3 months into the 2016 fiscal year and Colorado is nearly out of its tax incentives for movie companies that want to film here.

The state had $3 million in tax breaks, and now it has little more than $500,000.

It's cost the state Steven Soderbergh's newest movie, which he decided to film in Park City, Utah instead.

The incentives act as a quid-pro-quo agreement between movie companies and the state.

They’re one of Colorado's biggest leveraging tools when it comes to competing with different states for a movie.

As of this year, Colorado can give $3 million; New Mexico $50 million; California $100 million; Utah $6.7 million; and Wyoming $1 million.

Each state decides on how much to allot for incentives, which are included in the yearly budget.

It's led the Colorado Office of Film, Television and Media to lobby for more money so they can keep filmmakers interested.

“I mean we would've loved to get the Steven Soderbergh movie,” said COFTM commissioner Donald Zuckerman. “They wanted to come here- and $18 million HBO movie- because we've already had to turn away a substantial amount of business so I don't see how we can do more with $3 million a year.”

Quentin Tarantino's Hateful Eight was filmed in Telluride and brought in about $9 million for Colorado's economy.

More than 9,000 hotel rooms were booked and at one point the crews' cars and RV's started to break down so they spent $140,000 on new tires and supplies at one of the local shops.

Copyright 2016 KUSA


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