Governor Jared Polis unveiled plans to invest $74 million in Colorado’s quantum ecosystem recently. The new refundable tax credit program aims to maximize the state’s competitiveness as a tech hub—including CU Boulder, already a global leader in quantum research and innovation—in order to win an additional $70 million in federal funding through a Phase 2 U.S. Economic Development Administration Tech Hub proposal. Colorado was designated this fall as a Quantum Tech Hub through the same program.

Alongside a bipartisan group of state representatives and other stakeholders, Polis shared more details about the Quantum Tax Credit bill to be introduced by the state legislature on February 16. The bill will strengthen Colorado’s economy by incentivizing quantum businesses to set up shop with greater access to capital through a quantum industry loan loss reserve, as well as investing $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. $29 million will be available specifically to build a University Quantum Incubator led by CU Boulder and its fellow Colorado research universities, in partnership with industry partners and co-located with the Elevate Quantum Lab/Fab. Together, the state estimates these investments will create 10,000 good-paying jobs in the Colorado region.

Read the entire article on the official Quantum Leader website by clicking here.