The Colorado's Enterprise Zone program provides tax incentives to encourage businesses to locate and expand in designated economically distressed areas of the state. There are currently 17 Enterprise Zones and 2 sub-zones in Colorado. Businesses located in an Enterprise Zone may qualify for up to nine Enterprise Zone Tax Credits that encourage job creation and investment in the Enterprise Zone. Commerce City as a local jurisdictions has additional incentive opportunities in this Enterprise Zone (old dog track).The following are just two of the benefit programs that come with being a Colorado Enterprise Zone include:
Feasibility Studies - The funds utilized for this program are federal funds; therefore, there are federal requirements that must be met, along with state requirements. The planning and feasibility study grant program is designed to provide funding to determine the feasibility of a project or to plan for a project that will be located in Colorado. Such projects will need to meet an economic development objective and, if implemented, will need to create new permanent jobs and/or retain existing jobs primarily for low- and moderate-income persons. In order to be eligible, the proposed project must be located in a non-entitlement city or county in Colorado. An eligible city or county that has an 'open Community Development Block Grant (CDBG) contract' must submit the request for funding for projects located within its jurisdiction. Contact the Colorado Office of Economic Development and International Trade (OEDIT) to determine the city or county's eligibility. OEDIT has a total of $75,000 available on an annual basis to fund requests. More information about the Feasibility Studies program click here...
Infrastructure Assistance - The infrastructure assistance program is designed to create new permanent jobs and retain existing jobs, primarily for low- and moderate-income persons. This program encourages new business development, expansions and retentions of businesses located in non-entitlement cities and counties (that shall minimize, to the extent practicable, displacement of existing businesses and jobs in neighborhoods). The eligibility requirements include: Assisted businesses must demonstrate project feasibility and financial capability to develop the proposed plans that will result in creating and/or retaining jobs primarily for low-and moderate-income persons. At least one full-time equivalent job must be created and/or retained for every $20,000 of assistance. Final funding decisions are made by the Governor's Financial Review Committee. More information about the Infrastructure Assistance program click here...
For complete information about the Colorado's Enterprise Zone program click here...
Overview Table
TAX CREDIT - Investment Tax Credit; CREDIT AMOUNT - 3% of equipment purchases
TAX CREDIT - Job Training Tax Credit; CREDIT AMOUNT - 10% of qualified training expenses
TAX CREDIT - New Busines Facility (NBF) Jobs Credit; CREDIT AMOUNT - $500 per new job
TAX CREDIT - NBF Ag Processing Jobs Credit; CREDIT AMOUNT - $1,000 total per new a.p. job
TAX CREDIT - NBF Health Insurance Credit; CREDIT AMOUNT - $200 x 2 years per new h.i. job
TAX CREDIT - R&D Increase Tax Credit; CREDIT AMOUNT - 3% of increased R and D expenditures
TAX CREDIT - Vacant Building Rehabilitation Tax Credit; CREDIT AMOUNT - 25% of rehabilitation expenditures
TAX CREDIT - Manufacturing/Mining Sales and Use Tax Exemption; CREDIT AMOUNT - Expanded S&U tax exemption (EZ Legislation)
TAX CREDIT - Commercial Vehicle Investment Tax Credit (CVITC); CREDIT AMOUNT - 1.5% of commercial vehicle purchases
TAX CREDIT - Contribution Tax Credit; CREDIT AMOUNT - 25% of cash (12.5% in-kind) donations
