Tuesday, May 17, 2011

2010-11 Legislative Initiatives Extend Colorado's BDEGP Program to 2018 & Increase Grant Funds by $26 Million through 2018, totaling $53 million

The Colorado BioScience Association (CBSA) has been fortunate to have passed/supported four financing bills through the 2010-2011 Legislative Session that will help the bioscience community grow in Colorado. The state has extended the BDEGP program to 2018 and increased grant funds by an additional $26 million through 2018 for a total grant program of $53 million. Quick overview:

SB 159: Distribution of State Share of Limited Gaming Revenue (CBSA supported) - HB1001's BDEGP program receives its funding from gaming and we were able to retain our funding at a slight decrease to $5.25 million per year.

HB 1283: Extending the Bioscience Discovery Evaluation Grant Program (HB 08-1001) CBSA bill - Extends the sunset date of the program from 2013 to 2018.

SB 47: Innovation Reinvestment Act (CBSA /Colorado Cleantech Industry Association bill) - Provides additional funding for the BDEGP program. It takes the net increase in State Corporate Income Tax Withholdings within the Bioscience and Clean Tech industry sectors and splits it out 50% to the General Fund, 25% to Bioscience and 25% to CleanTech. Bioscience's 25% will go to the BDEGP program which is estimated at approximately $2 million of additional monies per year. This will go into effect in 2014.

HB 1045: Innovation Investment Tax Credit (Colorado Software and Internet Association bill, CBSA supported) -provides up to $20,000 for individual angel investors that invest in a minimum of $25,000 per company. Currently identifying funding for the program.

Link to the CBSA's Advocacy webpage

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