HB 24-1396

House Bill 24-1396 extends funding for the Advanced Industries Programs in Colorado by transferring money from the general fund to a specific cash fund. This transfer is based on income tax withholding from certain bioscience and clean technology jobs, and it will continue until March 1, 2033. The bill also prolongs the act that governs these transfers for an additional eight years, ensuring support for industries like bioscience and clean tech until July 1, 2034. Governor Jared Polis signed this bill into law on April 18, 2024, making it effective immediately.

Official Summary

The advanced industries acceleration cash fund (AI cash fund) consists, in part, of money transferred annually to the fund from the general fund pursuant to the "Colorado Bioscience and Clean Technology Innovation Reinvestment Act" (bioscience act). The amount of money transferred pursuant to the bioscience act is based on the amount of income tax withholding for certain bioscience and clean technology occupation classifications. The act extends both the transfers to the AI cash fund and the bioscience act, which had respectively been scheduled to repeal on July 1, 2025, and July 1, 2026, for an additional 8 years so that the last transfer is scheduled for March 1, 2033, and the bioscience act is scheduled to repeal, effective July 1, 2034. APPROVED by Governor April 18, 2024 EFFECTIVE April 18, 2024(Note: This summary applies to this bill as enacted.)

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