DENVER--(BUSINESS WIRE)--Industry supporters gathered today at the Denver Museum of Nature and Science to celebrate Colorado Governor John Hickenlooper's signing of The Innovation Reinvestment Act, Senate Bill 47. The announcement is made by Holli Baumunk, President & CEO of the Colorado BioScience Association (CBSA), who says the bill was initiated during the 2010-11 legislative session by the CBSA in partnership with the Colorado Cleantech Industry Association (CCIA) and sponsored by Senator Rollie Heath, Representative Cheri Gerou, and Representative Jim Riesberg.
"Colorado's bioscience community is simply thrilled that, beginning in 2014, up to $2 million annually will be added to our state's Bioscience Discovery Evaluation Grant Program," Baumunk says.
The Innovation Reinvestment Act takes the net increase in state corporate income tax withholdings within the bioscience and cleantech industry sectors, providing 50% to the general fund, 25% to bioscience and 25% to cleantech. The bioscience's portion, estimated up to $2 million annually, will go to the Bioscience Discovery Evaluation Grant Program (BDEGP), which is administrated by the Colorado Office of Economic Development and International Trade.
Dwayne Romero, Executive Director of the Colorado Office of Economic Development and International Trade, stated, “Bioscience continues to be a key industry in the State’s economic development efforts. We see the industry continuing to grow and to offer well paying jobs for Colorado citizens. The BDEGP has been essential in moving biotechnologies out of Research Institutions and into the marketplace. The program has helped to spin-out new companies and create quality jobs. With capital tight these days, BDEGP funds have leveraged significant matching and follow-on financing to move technologies forward.”
In addition to Senate Bill 47, the CBSA also passed House Bill 1283 this legislative session, extending the sunset date of the BDEGP, originally House Bill 08-1001, from 2013 to 2018.
"In essence, through CBSA's legislative initiatives this year, we've extended our state's successful Bioscience Discovery Evaluation Grant Program to 2018 and increased our grant funds by an additional $26 million through 2018 for a total grant program of $56 million," Baumunk says.
The BDEGP was created in 2006 by the Colorado General Assembly to grow the bioscience industry in the state. The goal was to stimulate jobs and create new bioscience companies based on promising discoveries made at the state’s major research institutions.
In February the CBSA released results of the BDEGP program to date. Of note, data showed the program had created 598 direct and indirect jobs in the state, resulting in a payroll of more than $44 million. Another $68 million had been leveraged through follow-on investment, grants and matching funds, providing 8.3 times the state’s funding. For more information, visit: http://www.cobioscience.com/resources/bioscience-discovery-evaluation-grant-program.
Additional CBSA Supported Legislation
In addition to Senate Bill 47 and House Bill 1283, the CBSA also passed/supported the two following financing bills this session that will help the bioscience industry grow in Colorado:
House Bill 1045: Innovation Investment Tax Credit (a 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.
Senate Bill 159: Distribution of State Share of Limited Gaming Revenue (CBSA supported) - HB1001's Bioscience Discovery Evaluation Grant Program (BDEGP) receives its funding from gaming and the industry was able to retain its funding at a slight decrease to $5.25 million per year.
About the Colorado Bioscience Association
The CBSA is a not-for-profit corporation providing services and support for Colorado's growing biosciences industry. With more than 350 members, CBSA actively works to promote the growth of the industry by working for a better business environment, grow the state's biotech workforce, fight for policies that support a strong bioscience industry in the state and speak with a single voice on behalf of the industry. For more information, visit http://www.cobioscience.com.
CBSA also is found on these social media sites:
Twitter: http://twitter.com/COBioscience
LinkedIn
Group: http://www.linkedin.com/groups?about=&gid=98468&trk=anet_ug_grppro
Facebook
Fan Page: http://www.facebook.com/ColoradoBioScienceAssociation
YouTube
Channel: http://www.youtube.com/COBioscience