DENVER, CO – The House today passed bipartisan legislation to promote semiconductor manufacturing in Colorado, attracting new businesses and creating good paying jobs. HB23-1260 passed by a vote of 54 to 9.
“From our cars and cell phones to emerging clean energy technology, we need more semiconductor research, development and production to meet economic demands,” said Rep. Alex Valdez, D-Denver. “This bipartisan legislation helps Colorado attract new semiconductor businesses, which will create jobs, boost our economy and position Colorado to lead the way on semiconductor manufacturing. We’re working hard to draw down federal investments so Colorado can stand out in this growing industry and secure new business for years to come.”
HB23-1260, sponsored by Representatives Alex Valdez and Matt Soper, would create tax incentives to maximize investments in semiconductor and advanced manufacturing in Colorado. This bill increases Colorado’s ability to access federal investments in Creating Helpful Incentives to Produce Semiconductors (CHIPS) technology and attract new businesses and good paying jobs across the state.
This bill would allow local governments to designate new areas, or CHIPS Zones, to attract manufacturers and boost local economies across Colorado. HB23-1260 would also create a task force to study the effectiveness of financial incentives to promote and develop STEM
companies in Colorado. The federal CHIPS and Science Act will invest $280 billion over five years, with $50 billion more immediately available through the CHIPS for America Fund created within the U.S. Department of Commerce, withColorado poised to receive upwards of $5.5 billion.
As emerging technology becomes more and more essential in our daily lives, the need for high-powered, efficient semiconductors rises. Semiconductors are used in advanced medical equipment, computers, vehicles, clean energy technology and more.