Colorado's film industry returned to the state Capitol on Wednesday, aiming to persuade lawmakers to approve a more modest incentives program than the one that failed last year.

With an eye on luring movie productions to the state, the Colorado Film Commission hopes its latest proposal will fly because its $10 million cost would be offset by payroll and sales taxes paid by film companies that come to Colorado.

"We don't have the budget to do more," said Rep. Tom Massey, R-Poncha Springs, a sponsor of the legislation to establish financial incentives to draw filmmakers to Colorado. "We've pared down the amount we're asking for, and we've done our homework."

Actors and production crews living in Colorado held a noontime rally in support of the bill on the steps of the Capitol.

Last year's failed proposal would have allowed for transferable tax credits for film or television productions that spend $250,000 or more in Colorado. The program would have been capped at $25 million a year.

This year's plan would be "revenue neutral" for the state, according to the Colorado Film Commission's executive director Kevin Shand.

He pointed to a 2008 study by the University of Colorado's Leeds School of Business, which concluded that a 10 percent refundable tax credit program with a $10 million cap could increase film activity by $100 million.

Colorado's film industry has argued that productions no longer choose locations based on scenery or a movie's plot, but look first at states that offer financial incentives.