Thursday, February 10, 2011

State Sen. Heath pushes bioscience and clean technology bill

Senate Bill 11-047, which passed the Senate Business, Labor and Technology committee on Tuesday, seeks to give Colorado the edge by taking tax revenue from these industries and using it to invest in future bioscience and clean technology start-ups. The bill sponsors are Sen. Rollie Heath (D-Boulder), Rep. Cheri Gerou (R-Evergreen), and Rep. Jim Riesberg (D-Greeley).

SB-047 calls for the state to transfer income tax revenue from incremental growth in the bioscience and clean technology industries into two existing economic development investment funds. The state has already established the Bioscience Discovery Evaluation Grant Program (BDEGP), which has distributed grants to Colorado research institutions and early stage companies, along with the Clean Technology Discovery Evaluation Grant Program (CTDEGP). If SB-047 passes, the state would begin its reinvestment transfers in FY 2013-14 and continue them for a period of ten years.

Senator Heath said SB-047 will help the state develop and retain early-stage companies that provide quality employment in Colorado.

“I firmly believe that Colorado must invest in its own economic future, and passing SB-047 would accomplish just that,” said Senator Heath. “We have an opportunity with this bill to build on our documented success in bioscience and clean technology, help commercialize new technologies and businesses developed in our research institutions, and keep high-paying jobs in Colorado.”

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