Bill > HB1001

This bill, titled the "Colorado Advanced Industries Acceleration Act," aims to foster economic growth by investing in and supporting key industries in Colorado. It establishes the "Advanced Industries Acceleration Cash Fund" to receive funding from various sources, including a portion of gaming revenue and tax withholdings related to bioscience and clean technology. This fund will be used to administer a grant program managed by the Colorado Office of Economic Development, offering proof-of-concept grants for research projects, early-stage capital and retention grants for companies, and infrastructure funding grants. The bill also expands the Colorado Economic Development Commission by adding two members with expertise in advanced industries, which are defined as advanced manufacturing, aerospace, bioscience, electronics, energy and natural resources, infrastructure engineering, and information technology. Furthermore, it adjusts existing statutes to redirect funds from the bioscience discovery evaluation cash fund to the new Advanced Industries Acceleration Cash Fund and repeals the separate clean technology discovery evaluation cash fund. The act also mandates reporting on grant awards and their economic impacts to legislative committees.