Colorado lawmakers need to sweeten the pot in the marketing campaign to land the Sundance Movie Pageant.
“Our sights are set on elevating the curtain for Colorado as the brand new dwelling of the world-famous Sundance Movie Pageant,” Gov. Jared Polis stated in his State of the State handle Thursday.
Laws launched this week — Home Invoice 1005 — would supply $34 million in tax incentives to a movie competition that sells greater than 100,000 tickets and lures greater than 10,000 out-of-state guests. Whereas the movie competition incentive laws doesn’t particularly identify the Sundance Movie Pageant, there are few movie gatherings that might qualify.
And just one main movie competition is contemplating Colorado. The Utah-based Sundance Institute in September named Boulder as considered one of three finalists to host the vaunted Sundance Movie Pageant from 2027 by way of 2036. Cincinnati and the competition’s 39-year host Park Metropolis — partnered with Salt Lake Metropolis down the highway — are additionally vying to host the world’s second-largest movie competition.
The laws provided this week by Reps. Julie McCluskie, D-Dillon, and Brianna Titone, D-Arvada, and Sens. Judy Amabile, D-Boulder, and Mark Baisley, R-Woodland Park, creates tax incentives for organizers of a “international movie competition entity,” based mostly on competition expenditures and annual customer counts.
The laws allocates $4 million and $5 million a yr in incentives by way of 2030 after which $3 million a yr by way of 2036, with a most of $34 million. Smaller movie festivals that relocate to Colorado can rise up to $5 million by way of 2036.
In June the Colorado Financial Improvement Fee awarded a coalition of Boulder financial growth champions a $1.5 million grant to assist land the Sundance Movie Pageant.
Final yr the 11-day Sundance Movie Pageant offered 141,212 tickets to 639 screenings. One other 220,000 individuals watched 405 on-line film screenings. The competition drew 72,840 in-person guests, with a few third of these coming from out-of-state. These nonresident guests spent a median of $4,411 every, totaling $106.4 million in spending through the competition, feeding a complete financial affect of $132 million for the state. The competition generated 1,730 jobs for Utah residents who earned $69.7 million. The competition generated $13.8 million in state and native taxes, in keeping with the Sundance Institute’s financial evaluation of the 2024 competition.
Colorado Home Speaker McCluskie has a daughter who earned a grasp’s diploma in movie and he or she stated having a filmmaker in her household is a continuing reminder of “the facility of movie in our communities and in our broader society in serving to to inform tales and construct understanding.”
McCluskie estimates the competition might usher in $3.65 million to $6.65 million in state tax income a yr, with a complete tax harvest of $54.9 million. After incentives have been paid she estimates the state might internet $15.9 million in state tax income by way of 2036.
“This can be a short-term funding that may have highly effective long-term advantages,” she stated.
Colorado is just not alone in stirring up monetary enticements for Sundance.
The state of Utah delivers $1.8 million a yr to the Sundance Institute to help the annual competition.
In November, Cincinnati lawmakers provided $2.5 million to assist lure the Sundance Movie Pageant to Ohio and one other $2.5 million if the competition relocates to Cincinnati.
The governor of Ohio in July introduced he was awarding $36.7 million in state tax credit to 17 media productions within the state as a part of the Ohio Movement Image Tax Credit score program that has awarded as much as $50 million a yr to productions since 2009.
Colorado’s movie incentive program is among the least sturdy within the nation. Polis in June signed laws that expands the state’s help for movie, tv and business productions within the state with $5 million a yr in tax refundable tax credit.
“I don’t suppose there’s any higher manner to assist promote Colorado’s vibe with filmmakers than having them right here for festivals,” McCluskie stated.
The rising Sundance Movie Pageant is contemplating a transfer from its longtime dwelling in Park Metropolis after grumbling from native companies within the ski city about competition crowds squeezing out skiers. And festivalgoers have groused about the price of attending a competition in a ski city on the top of ski season.
Final yr the Sundance Institute hosted roughly 120 contributors at its Administrators Lab on the Stanley Resort in Estes Park, which has joined the Boulder coalition to lure the competition.
