As reported earlier this year in our article titled Quantum Poker: The States of Colorado and Illinois are Betting on Quantum the states of Colorado and Illinois have both made a submission to win Phase 2 awards of about $50-$75 million from the U.S. Economic Development Administration to create a U.S. Tech Hub for quantum technology. We expect the awards to be made soon and we should note that it is also possible that neither region will win an award if the federal government decides to allocate all its Tech Hub funds for other, non-quantum, technology efforts.
But to help provide an incentive for the federal government to make an award to Colorado, the state’s legislature has just passed a law that would provide state matching funds to Colorado-based entities in the form of tax credits, The catch is that in order to receive these credits, the entity also has to receive a multi-million dollar federal grant from the economic development administration for the regional technology and innovation program or a comparable federal grant program.
The bill was signed earlier this week by Colorado governor Jared Polis with the hopes that these grants and associated federal funding will generate over 10,000 jobs with up to $1 billion in economic activity or the region.
For more information, you can read a press release issued by the governor’s office here and a summary of the bill titled: HR24-1325 – Tax Credits for Quantum Industry Support.
June 1, 2024