The new tax credit bill, which aims to strengthen the quantum industry in the state, was signed at CU Boulder's JILA Research Institute. JILA is a joint institute between CU Boulder and the National Institute of Standards and Technology. JILA, which stood for Joint Institute for Laboratory Astrophysics when it began in 1962, has expanded into a world-renowned and award-winning physics institute delving into cutting-edge research including quantum information science & technology.
"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," Massimo Ruzzene, CU Boulder vice chancellor for research and innovation, said in a statement. "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."
The new bill provides $74 million 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.
In 2023, Colorado was designated as a Regional Technology and Innovation Hub, a designation that positions Colorado to apply for and secure federal funding opportunities to advance the industry.
"Quantum technology is the future of computing," Polis said in a release. "Today we proved that quantum is bigger and better in the West. As home to four Nobel Prize winners for quantum science, more than 3,000 quantum workers, and five of the top 20 quantum companies, Colorado is the clear future of quantum. I am thrilled to invest in this innovative sector and am excited for the bright quantum future in Colorado."
© 2024 the Daily Camera (Boulder, Colo.). Distributed by Tribune Content Agency, LLC.
