“The QTDP program was created under the Patient Protection and Affordable Care Act of 2010 which was enacted in March of this year,” Baumunk explains. “This was a unique program in which $1 billion was allocated for tax credits and grants for start-up companies in the bioscience industry to help encourage innovation, advance technology and help ensure that the U.S. remains competitive in this industry. Colorado has a nationally ranked bioscience cluster with the majority of companies being in the start-up phase. Demonstrating the tremendous entrepreneurial climate in the state, more than 100 projects within Colorado have been funded through this program, bringing in more than $23 million for research activities.”
This new program was designed to provide tax credits and grants to small bioscience firms that show significant potential to produce cost saving therapies, support US jobs and increase US competitiveness.
