Colorado Gov. Jared Polis has signed new legislation intended to position the state as a leader in the quantum computing industry.
According to the governor’s office, the legislation – HB24-1325 – provides $74 million dollars for fully refundable quantum tax credits that can unlock up to $70 million in Federal funding, generate up to $1 billion in economic activity, and create more than 10,000 jobs in the next decade. State leaders noted that Colorado is home to the largest consortium of quantum organizations in the country.
“With the passage of HB24-1325, Colorado has made a bold commitment to building upon our existing quantum technology ecosystem,” said State Rep. Alex Valdez, a co-sponsor of the bill. “The investments created through this bill sends a strong message to the Federal government that Colorado is ready to become the epicenter of the global quantum technology ecosystem.”
Part of the bill’s aim is to have the state designated a Quantum Tech Hub by the Federal government. The designation can only occur if the state awards the Federal funding already designated for quantum computing.
“Colorado leads the nation in quantum technology innovation, and through HB24-1325, we have doubled down on our commitment to ensuring that Colorado’s quantum future remains bright,” said State Representative Matt Soper, a co-sponsor of the bill. “This bipartisan legislation makes critical investments in Colorado’s existing entrepreneurial and academic landscape, and I am confident that the Federal government will view Colorado as exceedingly competitive when awarding the quantum technology tech hub grant.”
The legislation builds on existing efforts by the state government to lead on quantum computing. Last year, the state was designated as a Regional Technology and Innovation Hub. Additionally, Gov. Polis held a Quantum Summit bringing together industry leaders earlier this year.
“This bill will support the construction of a state-of-the-art quantum technology incubator, a facility that is poised to be unique in the world, and that will set our state apart,” said Massimo Ruzzene, vice chancellor for research and innovation and dean of the institutes at the University of Colorado Boulder. “It will foster the translation of technology and catalyze innovation, expanding educational and workforce opportunities while also creating jobs and economic benefits for all of Colorado.”
