Strengthening Colorado’s Quantum Industry, Building on Colorado’s National Quantum Leadership, Governor Polis Signs Bipartisan Quantum Bill Into Law

Tuesday, May 28, 2024

BOULDER - Today at CU Boulder’s JILA Research Institute, Governor Polis signed historic legislation that supports and strengthens Colorado's nation-leading quantum industry. Governor Polis signed HB24-1325 - Tax Credits for Quantum Industry Support, sponsored by Representatives Alex Valdez and Matt Soper, and Senators Jeff Bridges and Mark Baisley which provides $74 million dollars 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 to help make Colorado the foremost state in the country for Quantum. Colorado is shovel-ready for scaling from today's thousands of quantum jobs to tens of thousands in less than 5 years. Colorado is home to the largest consortium of quantum organizations in the country.

“Quantum technology is the future of computing. 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,” said Governor Polis.

This historic state investment of up to $74 million will boost Colorado’s booming quantum sector and position the state to draw down tens of millions more from the federal government, creating thousands of good-paying jobs. These investments are crafted to build upon federal investment if Colorado is designated a Quantum Tech Hub, and will only take effect if those federal dollars are awarded. Governor Polis is positioning Colorado to lead the way in quantum technology and compete for historic federal funds that will create a quantum boom in Colorado.

In 2023, Colorado was designated as a Regional Technology and Innovation Hub, solidifying its leadership in this space. Governor Polis also celebrated Computer Science Education Week, an effort Governor Polis began in 2009, engaging Colorado’s students in computer science, ensuring Colorado’s students are prepared for the industries of the future, such as quantum. Earlier this year, Governor Polis held a Quantum Summit bringing together industry leaders.

Here’s what legislators, education, business, and community leaders are saying about this historic legislation, which the Governor signed today.

“With the passage of HB24-1325, Colorado has made a bold commitment to building upon our existing quantum technology ecosystem,” said Representative Alex Valdez, D-Denver. “The investments created through this bill sends a strong message to the federal government that Colorado is ready to become the epicenter of the global quantum technology ecosystem.”

“Colorado leads the nation in quantum technology innovation, and through HB24-1325, we have doubled down on our commitment to ensuring that Colorado’s quantum future remains bright,” said Representative Matt Soper, R-Delta. “This bipartisan legislation makes critical investments in Colorado’s existing entrepreneurial and academic landscape and I am confident that the federal government will view Colorado as exceedingly competitive when awarding the quantum technology tech hub grant.”

“Quantum is more than just computing and better clocks– it’s the future of advancement in medicine, climate, and beyond,” said Senator Jeff Bridges, D-Arapahoe County. “We don’t quite know how quantum will change the world, but we know that this innovation will drive opportunity for Colorado. We also know that Colorado leads the world in quantum technology innovation, and HB24-1325 makes serious investments in keeping that innovation right here at home.”

“From academic research to private sector innovation: Colorado is the epicenter for quantum computing technology development,” said Senator Mark Baisley, R-Woodland Park. “This bipartisan legislation makes historic investments in Colorado’s private sector and academic innovation, further solidifying Colorado’s position as the global hub for quantum technology development.”

“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.”

"This bill solidifies critical and tangible support for the Elevate Quantum Hub by the State of Colorado, and the loan guarantee program will drive economic development in the state for years to come. It also cements Colorado’s lead in quantum science, with a growing commercial hub and the synergies between the leading science and emerging technology," said Dr. Chris Myatt, Serial Quantum Entrepreneur and Graduate of CU/JILA's world famous Physics PhD program.

"Innovation is born from the fusion of creativity and determination, and forging paths where others see only barriers. Empowering rural innovation is the primary focus at Startup Colorado and this Quantum Bill could pave the way for rural Colorado's 'quantum leap' into the future. By establishing focused incubator(s) and offering vital loan guarantees, we can proactively catalyze the commercialization of scalable quantum technologies, propelling businesses and communities towards prosperity. In the heart of rural Colorado, where potential thrives, this bill can unlock doors to growth and create new momentum in the ever-evolving supplier ecosystem. Seizing this opportunity is not just advantageous, it is arguably essential,” said Brittany Romano, Executive Director, Startup Colorado.

"This bill is the realization of a multi-year process to drive state policy to support our region’s growth in advanced industries. Tech Hubs Now! has played an active role from the beginning of the state’s pursuit of the EDA Tech Hub grant, making the Quantum bill passage a significant milestone for us. Now, as a Board Member for Elevate Quantum, I can speak not only about the impact this bill will have on advanced industry but also to ensure Colorado continues to lead in Quantum for decades. That leadership will transform our lives and create tens of thousands of good-paying jobs across the state for generations to come,” said Wendy Lea, Founder at Tech Hubs Now! and Board Member at Elevate Quantum.