Western States Scale Back on 2010 TBED Investments

SSTI Weekly Digest

Colorado
Gov. Bill Ritter signed the budget bill (SB 09-259) earlier this month providing $19.2 billion in FY10, including $4.5 million for continued investment in the state's bioscience industry. Although the appropriation for the Bioscience Discovery Evaluation Grant Program is $1 million less than last fiscal year, it is the second installment approved by lawmakers for the five-year, $26.5 million initiative (see the May 14, 2008 issue of the Digest). Funding for this initiative is distributed for proof-of-concept grants, support for early-stage companies and infrastructure.
Additional economic development appropriations include $2.7 million for Colorado First customized job training, $1.4 million for new jobs incentives, and $1.3 million for small business development centers.

Gov. Ritter signed into law two bills touted as job-creation legislation to help companies create new jobs and strengthen community college job training programs to better meet the workforce needs of emerging industries.
HB 1001 allows qualified companies to apply for a state income tax credit based on the payroll tax cost they incur from new job creation. To qualify, businesses must create at least 20 new jobs in urban areas or five new jobs in rural areas that pay above average wages.

The other bill, SB 171, creates a programmatic change within the existing Colorado First program to allow community colleges and other training providers to partner with businesses to create industry cluster-based training programs for all workers. Current training programs are restricted to individuals who are currently employed, according to the governor's office. The bill is targeted toward the New Energy Economy industries, which include aerospace, tourism, new energy, bioscience and information technology.
Approved by the legislature but awaiting the signature of Gov. Ritter, HB 1105 would establish a one-year pilot program granting a 30 percent state income tax break for angel investment in startup companies, reports Coloradoan.com. The cost is estimated at $750,000 and would be provided by the Office of Economic Development.

Gov. Ritter announced in April the state will use federal stimulus funds to maintain level funding ($706 million) for higher education for the next two fiscal years.
SSTI Weekly Digest

Colorado
Gov. Bill Ritter signed the budget bill (SB 09-259) earlier this month providing $19.2 billion in FY10, including $4.5 million for continued investment in the state's bioscience industry. Although the appropriation for the Bioscience Discovery Evaluation Grant Program is $1 million less than last fiscal year, it is the second installment approved by lawmakers for the five-year, $26.5 million initiative (see the May 14, 2008 issue of the Digest). Funding for this initiative is distributed for proof-of-concept grants, support for early-stage companies and infrastructure.
Additional economic development appropriations include $2.7 million for Colorado First customized job training, $1.4 million for new jobs incentives, and $1.3 million for small business development centers.

Gov. Ritter signed into law two bills touted as job-creation legislation to help companies create new jobs and strengthen community college job training programs to better meet the workforce needs of emerging industries.
HB 1001 allows qualified companies to apply for a state income tax credit based on the payroll tax cost they incur from new job creation. To qualify, businesses must create at least 20 new jobs in urban areas or five new jobs in rural areas that pay above average wages.

The other bill, SB 171, creates a programmatic change within the existing Colorado First program to allow community colleges and other training providers to partner with businesses to create industry cluster-based training programs for all workers. Current training programs are restricted to individuals who are currently employed, according to the governor's office. The bill is targeted toward the New Energy Economy industries, which include aerospace, tourism, new energy, bioscience and information technology.
Approved by the legislature but awaiting the signature of Gov. Ritter, HB 1105 would establish a one-year pilot program granting a 30 percent state income tax break for angel investment in startup companies, reports Coloradoan.com. The cost is estimated at $750,000 and would be provided by the Office of Economic Development.

Gov. Ritter announced in April the state will use federal stimulus funds to maintain level funding ($706 million) for higher education for the next two fiscal years.