Weekly Policy Update: Legislative Session Closes – CBSA Reviews Policy Accomplishments
By: Colorado BioScience Association Date: 05/13/2022
The 2022 legislative session, the Second Regular Session of the 73rd General Assembly, has concluded. It was an unprecedented session that began with the legislature having significant financial resources to accelerate the state’s economic recovery from the COVID-19 pandemic. One benefit of these additional financial resources was the expansion of the Advanced Industries Investment Tax Credit. A significant priority for CBSA was securing the passage of HB22-1149, which reauthorized the tax credit for four years and increased the funds available by 433% to $4 million annually. 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.
Another bill that CBSA supported this year was SB22-186, which creates the Colorado Rare Disease Advisory Council in the Department of Public Health and Environment. The Advisory Council will inform state agencies, the public, and the legislature about rare diseases and make recommendations concerning the needs of Coloradans living with rare diseases and their medical providers and caregivers. The council’s 12 voting members include, in part, a researcher, a geneticist, a physician, a pharmacist, and persons living with rare diseases. One representative will come from the biotechnology or pharmaceutical industry. CBSA supported SB22-186 because the Advisory Council will help ensure that the industry has a voice on a range of policy decisions made within the state that are impactful to manufacturers of therapies developed to treat rare diseases.
Lastly, the Association was supportive of SB22-140 which supports businesses, workers, and learners, and aligns the talent development ecosystem to maximize economic impact. For businesses, the bill will reduce barriers to the adoption of quality work-based learning models and shore up their talent pipeline. For learners and workers, the bill addresses systemic barriers to accessing quality work-based learning and employment through the creation of programs that close the digital divide and eliminate language barriers. CBSA’s support of SB22-140 aligned with the bill’s funding of incentives for businesses to create high-quality work-based learning opportunities, including apprenticeship programs for adults and youth through the establishment of a $3 million state-run fund.
The legislature will now take a much-needed rest before members prepare for the upcoming election this November which will shape the First Regular Session of the 74th General Assembly, scheduled to begin on January 9, 2023.