Governor Polis to announce new investment in Colorado’s quantum industry
DENVER, Colo. (KRDO) -- Governor Jared Polis alongside state legislators and quantum industry leaders, will announce new investments to grow Colorado's quantum industry.
The announcement is planned for February 14, 2024 at 12:15 p.m. mountain time at Maybell Quantum Industries in Denver.
Governor Polis is expected to be joined by University of Colorado President Todd Saliman, Representative Alex Valdez, Representative Matt Soper, Senator Jeff Bridges, Senator Mark Baisley, Founder & CEO of Maybell Quantum Industries, Corban Tilleman-Dick, as well as CEO and Regional Innovation Officer for Elevate Quantum, Zach Yerushalmi.
The partnership unveiled new details on the Quantum Tax Credit bill announced last month at the Mountain West Elevate Quantum Summit.
According to the group, the new bill aims to help strengthen the state's economy, save money for quantum businesses in Colorado, and position the state to compete for up to $70 million in federal funding while creating 10,000 good-paying jobs for Coloradans. If the state is awarded the federal Quantum Tech Hub funding, it will be eligible for an additional $74 million to go towards development in the industry.
"With this legislation, Colorado is further cementing our status as a global leader in quantum and positioning our state to draw down historic federal funding. Our state's quantum industry is growing more every day, and with the support in this bill, Colorado can continue leading the way and create more than 10,000 good-paying jobs for Coloradans."
Jared Polis | Governor of Colorado
The legislation introduced today is set to be introduced to the legislature on February 16, 2024. In addition, the bill will also make investments through a multi-year refundable tax credit program to develop:
- $44 million in refundable state income tax credits to help fund the development of a shared quantum research facility for private sector and academic research collaboration, innovation, and commercialization. A 100% refundable state income tax credit on eligible capital expenditures for the purpose of developing a collaborative quantum laboratory space and procuring professional quantum laboratory equipment.
- $30 million for a quantum industry loan loss reserve to create greater access to capital for small and medium Colorado quantum computing companies that would otherwise have limited access to capital. A refundable 15% state income tax credit earned by lenders or fund managers making loans to scale up quantum companies expanding operations in Colorado.
"In Colorado, we aren't afraid to get our hands dirty. The infrastructure for the Quantum Century is being built here by machinists, welders, and technicians and by men and women installing quantum frequency combs to detect methane leaks along pipelines or at landfills. This bill will help scale these jobs and ensure that the quantum future is built by Coloradans with Colorado-made infrastructure."
Corban Tilleman-Dick | CEO of Maybell Quantum
The Elevate Quantum Tech Hub and Colorado are now competing with other states for federal funding to develop a quantum technology ecosystem.
