"The American Reinvestment and Recovery Act will help energize Colorado's economy, create new jobs and advance our efforts to spur innovation, invest in infrastructure and strengthen our communities."
Colorado is expected to receive almost $3.5 billion in direct funding, benefits and services from the American Recovery and Reinvestment Act view the breakdown. This estimate does not include tax relief for individuals and businesses, certain federal appropriations or competitive grants.
All told, Colorado could receive more than $7 billion in direct funding and tax relief, plus funding that flows to federal research labs and other agencies with operations in Colorado.
In Colorado, millions of dollars from the Recovery Act have already been used to increase unemployment benefits, reduce taxes for working families, give more money to people on Social Security, and keep our schools operating in the face of dwindling tax revenue. Major highway and bridge projects are set to begin in the next month, creating jobs and investing in a critical part of the state infrastructure. The benefits of the Recovery Act will become even clearer in coming months.
Colorado is a leader for renewable energy development and science research. That's why President Obama came to Colorado to sign the Recovery Act and highlight the state's advances in solar energy.
Gov. Ritter's focus has led to a doubling of Colorado's renewable energy requirement and to the creation of Colorado's first Climate Action Plan. Gov. Ritter has signed legislation that requires 20 percent of electricity in Colorado come from renewable sources by 2020 and allows residential customers to sell excess solar electricity back to their utility company.
State officials plan to use Recovery Act dollars to create jobs, develop clean energy sources, reduce energy costs for residents, cut emissions of greenhouse gases, and provide financial assistance to energy projects stalled by the economic slowdown.
Gov. Ritter has focused a tremendous amount of energy on improving K-12 and higher education statewide so that the children of Colorado can be better prepared to succeed in the workforce. Since taking office, he has directed more state investments into higher education than any other governor. Gov. Ritter pushed a new law, the first in the nation, that allows high school students to simultaneously earn a high school degree and a college associates degree. He also advanced major reforms in health care funding that will make it more affordable and accessible to scores of Colorado residents.
The Recovery Act offers numerous opportunities to improve on those gains, including education initiatives like the $5 billion Race to the Top competitive grant for education reform and grants that fund several technology improvements with medical records. The law also provides numerous safety net services, including more unemployment benefits, more reimbursement for Medicaid services, and funds for job training and placement.
Even in a difficult economy, Gov. Bill Ritter has pushed several initiatives to advance Colorado's economy and create jobs. They include legislation that gives businesses tax breaks when they create new jobs, a new way for small businesses to obtain loans to keep afloat in the struggling economy, and a stronger collaboration between businesses, industry and community colleges to train workers for the next generation of jobs. His economic development team has helped bring new companies to Colorado, creating thousands of new jobs.
Gov. Ritter plans to use Recovery Act funds to make even more progress, including competing for grants that will create jobs in the state's research facilities and healthcare industry.