It is two weeks into the legislative session, and already 220 bills have been introduced and are moving through the process. By session's end that number historically approaches 500. Colorado Concern's team has reviewed each measure introduced so far, and we have taken positions of support or opposition on 12. An additional 14 are on our monitor list. A real-time status sheet is available here.
One measure we believe would be helpful in our state's economic development activities is HB13-1001 - The Advanced Industries Acceleration Act (Young/Heath). The legislation highlights research and development as a critical focus in accelerating technology commercialization, increasing exports, driving innovation and capital investment and strengthening partnerships between private industry and the state's educational providers.
In the simplest of terms, the bill would provide financing that would assist in taking a meaningful and vetted business proposal to scale, which would help Colorado companies grow and prosper. The process would be managed by the Office of Economic Development and International Trade (OEDIT), and guidelines would be put in place to ensure any allocation of resources would be a sound investment. Grant funds would be available in three areas: Proof of Concept, Early State Capital & Retention and Infrastructure Funding. Colorado has seven advanced industry clusters that are target areas for these grant funds: Aerospace, Advanced Manufacturing, Bioscience, Electronics, Energy and Natural Resources, Technology and Information, and Infrastructure Engineering.
This effort would be funded by reallocating funds currently used for economic development activities.
HB 13-1001 passed the House Business, Labor, Economic, & Workforce Development Committee last Thursday with a 8 to 3 vote. It now moves to the Appropriations Committee.
Note: Our January legislative breakfast with Speaker Ferrandino is full. We will announce our February event soon, and I urge you to register early.
Should you have questions about this legislation, or any other issue, please do not hesitate to contact me at 303.860.1201, or tamra@coloradoconcern.com.
Warmly,
