SB 23-066

Senate Bill 23-066 extends two programs in Colorado that help businesses grow by exporting their products internationally and providing grants for advanced industries. These programs were set to expire soon but will now continue until 10 years from their original end dates. The bill also keeps a funding mechanism in place for another two years, which involves the state treasurer contributing money to support these initiatives. Additionally, it removes a requirement that businesses must show a profit to qualify for certain export assistance. This bill was signed by the governor and became effective on August 7, 2023, meaning Colorado businesses can now benefit from extended support under these programs.

Official Summary

The act extends the advanced industry export acceleration program, which was scheduled to end on January 1, 2025, and the advanced industries acceleration grant program, which was scheduled to end on July 1, 2024, by 10 years. Through March 1, 2023, the state treasurer annually credited to the advanced industries acceleration cash fund an amount equal to one-half of the bioscience and clean technology income tax withholding growth. The act extends this funding mechanism by 2 years. Additionally, the advanced industry export acceleration program allows a qualifying business that meets certain eligibility criteria to receive an international export development expense reimbursement. The act removes the eligibility criterion that requires a qualifying business to show a profit during the last fiscal year. APPROVED by Governor May 17, 2023 EFFECTIVE August 7, 2023 NOTE: This act was passed without a safety clause and takes effect 90 days after sine die. (Note: This summary applies to this bill as enacted.)

Votes