The law aims to create jobs in clean technology and bioscience by financing grants to support the industry in Colorado.
Governor Hickenlooper yesterday signed Senate Bill 47, which will place tax revenue from growth in the cleantech industry into an economic development investment fund. It’s designed to provide grants to companies in renewable energy, electric motors, lighting and related areas.
State Sen. Rollie Hearth, the sponsor of the bill, pointed out that Colorado ranks fourth nationally in the percentage of jobs in the clean technology sector with more than 300 companies. He says the program will help the state stay competitive.
State officials estimate that $2 million will be transferred to the Clean Technology Discovery Evaluation Grant Program.