CBSA is proud to advocate for a pro-business environment that supports life sciences innovation through our Policy + Advocacy leadership. CBSA Vice President and Counsel for Policy + Advocacy, Amy Goodman, testified in support of HB23-1260, Advanced Industry and Semiconductor Manufacturing Incentives, on Monday, April 3^rd. The bill passed out of the House Finance Committee on a vote of 10-1 and will now head to the House Appropriations Committee. 
 
Among other things, the bill creates an Advanced Manufacturing and STEM Industries Task Force to: 

• Study the effectiveness of existing financial incentives and development strategies for advanced manufacturing and other STEM companies in Colorado; 
• Examine other states’ approaches to attracting and promoting the development of advanced manufacturing and other STEM companies; and 
• Identify any recommended legislative or regulatory changes to make Colorado’s advanced manufacturing and other STEM industries more nationally competitive. 

Background

In November 2022, CBSA President & CEO Elyse Blazevich participated in a high-impact week of learning and relationship building in Edinburgh, Scotland, hosted by the Metro Denver Economic Development Corporation as part of its 2022 BioScience & Cleantech Roadshow. 

The delegation also included CBSA Board Members April Giles, Vice President of Business Development at Fitzsimons Innovation Community, and Mike Freeman, President & CEO of Innosphere Ventures. 

Edinburgh is home to one of the largest life sciences clusters in Europe. The 2022 Bioscience and Cleantech Roadshow yielded new insights on partnerships, precision medicine, and life sciences innovation in the U.K. The tour underscored the critical role of our economic development partners on Colorado’s rising reputation as a leading national and international hub for life sciences. 

One of the conversations sparked by this visit was an extensive discussion between Elyse Blazevich and Colorado Representative Matt Soper about the importance of evaluating opportunities for new and improved financial incentives to increase the state of Colorado’s competitiveness for attracting and promoting the development of life sciences companies. 

This discussion eventually led to Representative Soper (R), Representative Alex Valdez (D), Senator Mark Baisley (R), and Senator Kevin Priola (D) introducing HB23-1260, Advanced Industry and Semiconductor Manufacturing Incentives, on March 26^th. 

The Bill

The bill wraps several initiatives into one package. First, it creates new and modifies existing state tax incentives to maximize federal government funding for taxpayers engaged in semiconductor and advanced manufacturing in Colorado. It authorizes the state’s Economic Development Commission to approve refund certificates for certain income tax credits, creates a semiconductor manufacturing zone program, and modifies the Colorado job growth incentive tax credit for semiconductor and advanced manufacturing. 

In addition, Section 2 of the bill creates, within the Office of Economic Development and International Trade (OEDIT), a temporary task force comprised of four state legislators, three representatives of OEDIT, and at least four advanced industries representatives to: 

• Study the effectiveness of existing financial incentives, support, resources, and development strategies for advanced manufacturing and other STEM companies in Colorado; 
• Examine other states’ statutes, regulations, and policies intended to attract and promote the development of advanced manufacturing and other STEM companies; and 
• Identify any recommended legislation or changes in administrative rules or policies to make Colorado’s advanced manufacturing and other STEM industries more nationally competitive. 

This Advanced Manufacturing and STEM Industries Task Force must meet at least twice during the 2023 interim period and then report its findings to the Colorado General Assembly and the Governor by December 1, 2023.   

CBSA is working closely with Eve Lieberman, Executive Director of OEDIT, to secure an appointment on the task force to represent the best interests of the life sciences ecosystem. 

Impact

Colorado’s life sciences ecosystem is building momentum and every indicator points to Colorado’s rise as a top ten leading national hub for life sciences. Our goal is for  Colorado to become a top five leading life sciences hub in the coming years, but there is stiff competition from other states that are all working to attract life sciences companies.  

Now is the time to invest in efforts to attract and promote the development of life sciences companies and other STEM companies in Colorado, which will continue to be key economic drivers for our state.  

CBSA supports the Advanced Manufacturing and STEM Industries Task Force created by HB23-1260. It is an important, commonsense step in the right direction to make sure we are studying the effectiveness of existing financial incentives and development strategies, examining other states’ approaches, and identifying any recommended legislative or regulatory changes to make Colorado more nationally competitive.