State Tax Credit Expanded: A Win for Our Community
By: Colorado BioScience Association Date: 05/11/2022
CBSA is pleased to share news of a significant win at the State Capitol for our life sciences community. Late last night, the legislature voted to reauthorize the Advanced Industries Tax Credit Program (HB22-1149) and increase the funds available by 433% to $4 million. The bill will now go to Governor Jared Polis to be signed into law.
The program is critical to our life sciences community because it generates new investment in growth companies working to save and change lives around the world. CBSA supports access to capital at all stages of commercialization through our Capital + Growth efforts.
CBSA led the work to reauthorize the program and expand the cap on behalf of our state’s designated advanced industries. CBSA Vice President Michael Crews 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.
Since program inception in 2009, the tax credit has benefitted 24 life sciences companies in our ecosystem that were able to access over $7 million in capital.
CBSA extends a special thanks to:
Bill Sponsors – Rep. Shannon Bird, Rep. Mike Lynch, Sen. Chris Hansen, and Sen. Bob Rankin
CBSA Partners – Colorado Office of Economic Development and International Trade and the Colorado Cleantech Industries Association.
While the new cap takes effect in 2023, please know that funds are still available for 2022. Take advantage of this state-supported opportunity to attract new investors!