Governor Jared Polis Visits JILA to Sign Quantum Tax Credit Bill

Submitted by kennac on Thu, 05/30/2024 - 9:30 am

Colorado General Assembly Representative Alex Valdez (right) watches as Colorado Governor Jared Polis signs the Quantum Tax Credit Bill

Image Credit
Kenna Hughes-Castleberry/JILA

Yesterday, Governor Jared Polis made a historic visit to JILA, a joint institute established by the National Institute of Standards and Technology (NIST) and the University of Colorado Boulder, to sign the recently passed Quantum Tax Credit Bill. This legislation aims to incentivize the adoption and development of quantum technology within Colorado, solidifying the state's position as a leader in this cutting-edge field.

The bill passed its third reading in the state Senate earlier in May without any amendments, demonstrating strong bipartisan support for Colorado's quantum technology ecosystem. The legislation includes a $44 million investment in refundable state income tax credits to develop a shared quantum research facility designed for private sector and academic collaboration. 

The Colorado Office of Economic Development will manage the distribution of the tax credits, with provisions for preliminary and final reviews of applications, project certifications, and periodic reporting to the Colorado General Assembly. This structured approach aims to ensure transparency and optimize the incentives' implementation.

Of the $44 million state investment, $29 million is earmarked specifically to build a University Quantum Incubator, led by CU Boulder, in partnership with other Colorado research universities and industry partners. This incubator will be co-located with the Elevate Quantum Lab/Fab. This initiative is expected to create 10,000 high-paying jobs in the region.

“Colorado is really about creating the industries of the future right here,” Polis stated. “The future of computing is quantum technology. And there's a whole supply chain associated with that, from the cryogenic side to the laser side, there's a whole value chain. Having that here in Colorado makes us the best place for quantum companies of all sizes for startups through the deployment stage, now and in the future.”

The bill follows Colorado’s designation last October as a Regional Technology and Innovation Hub focused on advancing quantum technology. Elevate Quantum, a consortium of over 70 organizations, including JILA, CU Boulder, NIST, state and local governments, federal labs, and private companies, was instrumental in securing this designation.  JILA and CU Boulder play a pivotal role in Elevate Quantum, competing with other states for up to $70 million in federal funding to further develop a state quantum technology hub. 

As a well-known ecosystem for quantum research, Colorado is projected to generate more than $1 billion in economic impact and create thousands of jobs statewide in the technology sector, many stemming from institutes like CU Boulder and JILA.

Governor Polis' visit to JILA, a renowned research institution for quantum physics, underscores the collaborative effort between academia, industry, and government to propel Colorado to the forefront of quantum technology. As JILA has made a name for itself as a leader in quantum physics research (with over 70% of its principal investigators studying quantum physics), it makes an appropriate location for signing this important bill. 

“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.”  

Written by Kenna Hughes-Castleberry, JILA Science Communicator

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