Colorado State of the State Address - on CAPCOs
Gov. Bill Owens', January 9, 2004
By any measure the CAPCO program has failed. The state auditor's recent report on the program is very compelling.
Fact: the insurance companies collected nearly $1 million more in fees than they invested in venture capital.
Fact: the state auditor could not verify the CAPCO companies' claims about the alleged number of jobs created.
Fact: Nearly half a million in taxpayer money went to lobbying fees. I guess that at least supports "job retention."
Friends, all of us here are for economic development. But what separates us from the CAPCO advocates is that we want economic development for Colorado. We want new jobs and new companies on the West Slope, not the West Side of Manhattan. We want innovation in the Tech Center, not Rockefeller Center.
We can't mend this program. We must end this program.
I have seen a number of proposals to focus the tax credit dollars in ways that would produce real benefit for our taxpayers and our economy. Let's move quickly to reach a consensus. I'll be a strong partner, standing with you in this effort.