Colorado Commission Offering California Business $3M Tax Credit To Move

DENVER (CBS/AP) — The Colorado Economic Development Commission has agreed to offer $3 million in tax credits to persuade a California biomass company to move to Colorado.

Cool Planet Energy Systems could bring nearly 400 jobs to the metro area and place the state at the center of a biofuel revolution.

The California startup, located in Ventura County, says it has a process that can generate gasoline out of plant waste or biomass without relying on federal subsidies.

Cool Planet was looking at either Texas or Colorado as the future home of its corporate headquarters and first large-scale production facility.

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