General Fund Transfer to Advanced Industries Programs

Joint Budget Committee. 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" (act). The amount of money transferred pursuant to the act is based on the amount of income tax withholding for certain bioscience and clean technology occupation classifications. Currently, the last transfer to the AI cash fund is scheduled for March 1, 2025, and the act is scheduled to repeal, effective July 1, 2026. The bill extends both the transfers to the AI cash fund and the act for an additional 8 years so that the last transfer is scheduled for March 1, 2033, and the act is scheduled to repeal, effective July 1, 2034.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)