Colorado Propels Quantum Industry with Bipartisan Legislation and Federal Funding Ambitions
Governor Polis Unveils Initiatives to Secure State’s Position as a Tech Hub
DENVER, Colorado – Amidst the backdrop of the Mountain West Elevate Quantum Summit, Governor Jared Polis, alongside Eve Lieberman, Executive Director of the Office of Economic Development and International Trade, unveiled a groundbreaking bipartisan legislation. This legislative package aims to propel Colorado’s status as a tech hub, bolstering the state’s economy by offering financial incentives to quantum businesses and positioning Colorado to secure up to $70 million in federal funding.
Key Highlights of the Quantum-Focused Legislation:
1. Multi-Year Refundable Tax Credit Program:
– Provides financial support for the development of laboratory space dedicated to quantum endeavors.
– Offers a 100% refundable state income tax credit for eligible capital expenditures on real and business personal property used to establish collaborative laboratory spaces and procure professional laboratory equipment.
2. Quantum Industry Loan Loss Reserve:
– Aims to enhance access to capital for small and medium-sized Colorado quantum computing companies that face limited funding options.
– Offers a refundable 15% state income tax credit to lenders or fund managers who provide loans to assist quantum companies in expanding their operations within Colorado.
Colorado’s Quantum Industry: A Force to Reckon With
Colorado has emerged as a prominent player in the quantum industry, boasting a significant presence of quantum companies, jobs, and innovation. Establishing Colorado as the global hub for quantum computing is projected to generate more than $1 billion in economic impact statewide and create over 10,000 jobs. Quantum computing alone is estimated to drive a staggering $3.5 trillion in economic growth.
The Elevate Quantum Tech Hub: A Collaborative Force
The Elevate Quantum Tech Hub, a Colorado-led nonprofit comprising over 75 organizations across Colorado, New Mexico, and Wyoming, plays a pivotal role in maintaining the Mountain West as the nation’s leading quantum ecosystem. Originating from TechHubNow!, a public-private partnership established by Governor Polis, the Elevate Quantum Tech Hub capitalizes on opportunities in advanced and emerging technology industries.
Federal Funding and the Application Process: Colorado’s Quest for Quantum Supremacy
Colorado is fiercely competing with other states for up to $70 million in federal funding to develop a quantum technology ecosystem. The application for funding, led by Elevate Quantum, is due at the end of February.
Quantum Jobs and Workforce Development: A Path to Prosperity
Nearly half of quantum jobs do not require an advanced degree, making them accessible to a broader range of individuals. The share of technician positions in the quantum industry is projected to double in five years, creating ample opportunities for skilled trades such as welding, pipe fitting, and machining. The average quantum job offers a competitive salary of over $125,000 per year, providing a compelling career path.
A Call to Action: Colorado’s Quantum Leap into the Future
The bipartisan legislation announced by Governor Polis represents a pivotal step in Colorado’s journey to establish itself as a global leader in quantum technology and secure federal funding. By providing financial incentives for quantum businesses, fostering collaboration and innovation, and developing a skilled workforce, Colorado aims to capture the economic benefits and job creation potential of this transformative technology. Colorado stands poised to make a quantum leap into the future, positioning itself as a global leader in this rapidly evolving field.