New law will help fund clean tech

DENVER – A new Colorado law will place tax revenue from growth in the clean-tech industry into an economic development investment fund.

An estimated $2 million per year will be transferred from the Income Tax Withholding Fund to the Clean Technology Discovery Evaluation Grant Program. The program was designed to provide grants to companies in renewable energy, electric motors, lighting, and other related areas.

Senate Bill 47, authored by Sen. Rollie Heath (D-Boulder) provides grants of up to $50,000 will be awarded to research institutions, and up to $150,000 for early stage clean technology companies. Gov. John Hickenlooper signed the bill on…