Mike Coffman estimates the interest could reach $3.4 million the first year.
Coffman announced the plan yesterday, saying the sluggish economy and the drought have discouraged tourists.
The money would come from trust fund interest, generated by selling 80 million dollars worth of unclaimed stocks and bonds and putting the money into such a fund.
The interest would go to the Colorado Tourism Office.
Republican Senator Jack Taylor of Steamboat Springs has agreed to introduce legislation for the program. Winter Park Republican Representative Al White says he'll co-sponsor the bill.