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Incentivizing Innovation: How Colorado’s Quantum Tax Credits Will Drive Economic Growth
Quantum Industry Booms in Colorado: $74 Million Investment Expected to Create Thousands of Jobs
According to Bizjournals, Colorado Governor Jared Polis has made a significant move to bolster the state’s quantum industry by signing a bill dedicating $74 million in state funds to support the growth of quantum-based companies. The bill is a crucial step in the state’s bid to win federal “tech hub” designation, which would unlock billions of dollars in funding for the emerging technology. The quantum industry is already thriving in Colorado, with over 3,000 quantum workers and five of the top 20 quantum companies based in the state.
The new bill creates two refundable income tax credit programs to support the growth of the quantum industry. The first program provides credits for companies and organizations building a shared quantum facility, with the credits matching applicants’ capital investments up to $24 million per year and a total of $44 million. The second program offers credits for lending institutions doing business with quantum companies, offsetting their loan losses in connection with a quantum company between 2026 and 2046. These incentives are expected to help scale the quantum industry in Colorado, to grow from thousands of jobs to tens of thousands in less than five years.
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$74 Million Quantum Tax Credits (PHOTO: GOOGLE)
Quantum Workforce: The Next Big Challenge in Colorado’s Quantum Revolution
Despite the progress, industry leaders are still concerned about addressing workforce challenges in the quantum space. While many highly educated workers are drawn to the industry, about half of quantum jobs don’t require an advanced degree. The number of technician jobs in Quantum is expected to double over the next five years, according to Elevate Quantum, an organization spearheading the tech hub designation. Governor Polis remains optimistic about the future of quantum technology, stating that “Colorado is the clear future of quantum.”
READ ALSO: Nevada’s New Wage War: Higher Minimum Wage And Overtime Pay Coming July 1!
