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Biotechnology is focus of new Colorado law
July 2011
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DENVER—Colorado Gov. John Hickenlooper recently signed into law a bill to direct tax revenue to startups in the biotechnology industry in the state. The bill dictates that half the growth in corporate state income tax payments from biotech companies will be withheld between 2013 and 2023, and the money will be used to help fund startups. The bill takes effect in July 2012, and the funds will first be available in 2014 and continue for nine years, until the law expires in 2024. State Rep. Cheri Gerou, R-Evergreen, co-sponsored the bill, which is expected to divert $3.1 million from the state general fund to the startups in its first year. The law also boosts funding for clean technology, which has been Colorado's fastest-growing job generator recently. Gerou asserts the bill will "help our energy industry bring good-paying jobs to the state, without costing Colorado or the taxpayers anything."

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