| State: |
CO |
| Incentive Type: |
Income/Franchise Tax Incentives and Credits |
| Incentive Title: |
Jobs Credits |
| Description: |
Please see Enterprise Zone Credits under the Special Purpose Zone Incentives and Credits Section.
1. THE NEW BUSINESS FACILITY EMPLOYEE CREDIT: Any taxpayer who establishes a new business facility in an enterprise zone can claim an income tax credit of $500 for each new business facility employee who is working within the zone prorated according to the number of months of employment during the tax year. Expansion facilities may qualify as a new business if employment is increased by at least 10 employees or 10% over the previous base year and at least $1 million in new investment. These credits may be carried forward for 5 years. An additional $2,000 credit for each new business facility employee is available to businesses located in an enhanced rural enterprize zone. Any unused portion can be carried forward for up to 7 years.
2. ENHANCED RURAL ENTERPRISE ZONE JOBS CREDIT: This credit provides for an additional $2000 per new job per new business located in enhanced rural enterprise zones. This credit is in addition to the new business tax credit and any unused credit can be carried forward for up to 7 years.
3. THE EMPLOYER SPONSORED HEALTH INSURANCE CREDIT: For the first two full income tax years while located in an enterprise zone, taxpayers are allowed a credit of $200 for each new business facility employee insured under a health insurance plan or program at least 50% of the cost of which is paid by the taxpayer. Any unused credit can be carried forward for up to 5 years.
4. NEW BUSINESS AGRICULTURAL PROCESSING JOB CREDIT New businesses are allowed an additional credit of $500 per new employee if located in an enterprise zone.
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| Eligibility Requirements: |
1. Must be in an enterprise zone. Must be a qualified business.
2. Must be a new business facility. Must be located in an enhanced rural EZ.
3. Must be a qualifying business located in an enterprise zone. Must have a qualified health benefit package.
4. Must be a qualified agricultural processing facility. Must be located in an enterprise zone. |
| Geographic Restrictions: |
Enterprise Zones Statewide |
| Granting Authority: |
State of Colorado |
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