New Law

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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.