Tuesday, May 10, 2011

Denver Business Journal: Colorado Bioscience Industry added back into Senate Bill 47

Quoting from the Denver Business Journal:

"The bioscience industry has been added back into a bill in the Legislature to provide new funding to the Colorado clean-tech industry, setting up that growing sector of the economy to receive as much as $2 million a year in additional state money...Senate Bill 47 — sponsored by state Sen. Rollie Heath, D-Boulder — would take 50 percent of the growth of future income tax withholdings from the bioscience and clean-tech industries and put them to two funds to be used to provide seed money for those sectors...It is the first time in Colorado that tax revenue from the growth of specific industries will be used to pay to help them to grow more...'We’ve shown that even small amounts of money help tremendously,' said Holli Baumunk, president and CEO of the Colorado Bioscience Association, noting existing funding has created 21 companies in three years and garnered private investment worth eight times the state investment. 'I think this is going to be something that will help grow and invest in our industry.'"

Link to the DBJ article by Ed Sealover

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