Colorado Governor Jared Polis Signs Reauthorization and Expansion of Advanced Industries Tax Credit Into Law
By: Colorado BioScience Association Date: 06/03/2022
Colorado BioScience Association thanks Governor Jared Polis for signing the Advanced Industries Tax Credit, House Bill 1149, into law.
“This legislation supports the incredible breakthroughs driving Colorado’s innovation economy. Health innovators from Colorado are developing tests, treatments, and cures that will save and change lives around the world. This work requires access to capital at all stages of research, development, and commercialization,” said Elyse Blazevich, President & CEO of Colorado BioScience Association. “The Advanced Industries Tax Credit is critical to efforts to bring discoveries from the laboratory bench to a patient’s bedside. It supports the growth and health of Colorado’s vibrant life sciences community. We applaud bill sponsors Representative Shannon Bird, Representative Mike Lynch, Senator Chris Hansen, and Senator Bob Rankin. CBSA also thanks our partners at the Colorado Office of Economic Development and International Trade and the Colorado Cleantech Association for their leadership on this legislation.”
The reauthorization and expansion of the Advanced Industries Tax Credit Program (HB22-1149) increased the funds available by 433% to $4 million.
CBSA led the work to reauthorize the program and expand the cap on behalf of our state’s designated advanced industries. CBSA and our lobbying team at Colorado Legislative Strategies worked tirelessly with our partners at the Colorado Office of Economic Development and International Trade (OEDIT) and the Colorado Cleantech Industries Association to educate legislators on the importance of the program and secure the expansion.