Gov. Owens has signed the first bill into law this session.
Senate Bill Eleven prohibits state-sponsored investment companies from using program funds to pay for lobbyists and lawyers. They can't use the funds to pay their taxes either.
Owens signed the bill yesterday. He cited a state audit that called the Certified Capital Company program flawed and called for its end.
The program provides state tax credits to insurance companies that invest in Colorado-based businesses that have been rejected for bank loans.
The state issued 100 (m) million dollars in tax credits in April ³2002 and is scheduled to issue another 100 (m) million this April.