Press Room

Governor Hickenlooper signs Heath bill to support Colorado clean technology industry today

Thursday, May 26 2011

“This bill will help our state stay competitive and support the creation of high paying jobs”

DENVER— Today, Governor John Hickenlooper signed a bill by Senator Rollie Heath (D–Boulder) to create jobs in clean technology and keep Colorado’s competitive edge. The “Colorado Clean Technology Innovation Reinvestment Act” (Senate Bill 47) will fund the Clean Technology Discovery Evaluation Grant Program, created in 2009 through another bill by Senator Heath (Senate Bill 09-031). This will provide funding to support innovative industries and spur job creation in one of Colorado’s fastest growing fields. Colorado ranks fourth in the nation in percentage of jobs in the clean technology sector with over 300 companies.

Senator Heath offered the following comment on Senate Bill 47:

“Colorado is a global leader in clean technology, but there is intense competition within the industry. This bill will help our state stay competitive and support the creation of high paying jobs and new start-up companies. Investing in clean-tech will help secure Colorado’s economic future and ensure that this fast growing employment sector maintains its edge.”

Senate Bill 47 will place tax revenue from growth in the clean-tech industry into an economic development investment fund. It is estimated that $2 million per year will be transferred from the Income Tax Withholding Fund to the Clean Technology Discovery Evaluation Grant Program. The program was designed to provide grants to companies in renewable energy, electric motors, lighting, and other related areas. To date, the grant fund has not been funded, and therefore has not disbursed any grants. Under Senate Bill 47, grants of up to $50,000 will be awarded to research institutions, and up to $150,000 for early stage clean technology companies.