(May 3) – The House voted this morning to approve Rep. Tracy Kraft-Tharp’s bill to extend and expand a program that is credited with creating nearly 700 good-paying jobs at Colorado high-tech startup companies since 2014.
Current law allows tax credits of up to $50,000 to incentivize investment in bioscience, aerospace, advanced manufacturing, energy, electronics, engineering and information technology startups. HB17-1090, sponsored by Reps. Kraft-Tharp, D-Arvada, and Jim Wilson, R-Salida, extends the credit through 2022 and doubles, to $1.5 million, the maximum amount of credits available in any year. Eligible businesses would have annual revenues of less than $5 million or have been in business for less than five years, but would no longer need to meet both criteria.
“Access to seed capital is one of the key challenges facing early-stage companies,” Rep. Kraft-Tharp said. “This bill reduces risks to investors and draws additional investment dollars to Colorado’s emerging high-tech economy.”
Eight House Republicans joined the united Democratic caucus in the 43-20 vote to pass this jobs and economic development bill, which now heads to the Republican-controlled Senate.