Region
10 Rural Enterprise Tax Credit Programs
There are two Enterprise Zone Tax Credit Programs
in Region 10 (Delta, Gunnison, Hinsdale, Montrose, Ouray, and San
Miguel Counties) which are designed to promote business development
in the Region. |
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1. Tax Credits and
Incentives for Businesses
Businesses may claim certain types of credits on their Colorado income taxes
for activities that occur within the Enterprise Zone. Below is a summary of these tax credits: |
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Three percent investment tax credit. Businesses
investing in equipment used exclusively in an enterprise zone may
claim a credit of 3% of
the amount of the investment. |
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$500 job tax credit. Businesses hiring new employees in connection
with a "new business facility" located in an enterprise
zone may claim a tax creditagainst state income taxes of $500 for
each such employee. |
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Double job tax credit for agricultural processing. An additional
credit of $500 per new business facility employee may be claimed
by businesses that add value to agricultural commodities through
manufacturing or processing. |
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$200 job tax credit for employer health insurance. Businesses with
a qualifying new business facility are allowed a two-year $200 tax
credit for each new business facility employee who is insured under
a qualifying employer-sponsored health insurance program. |
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R&D tax credit. Businesses that make private expenditures
on research and experimental activities may qualify for a 3% tax
credit. |
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Credit to rehabilitate vacant buildings. Owners
or tenants of commercial buildings in an enterprise zone which are
at least 20 years old and
which have been vacant for at least 2 years may claim a credit of
25 percent of the cost of rehabilitating each building. |
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Ten Percent Job Training Credit. Employers that carry out a qualified
job training program for their enterprise zone employees may claim
an income tax credit of 10 percent of their eligible training costs. |
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Exemption from state sales and use tax for manufacturing
and mining equipment including. Purchases of manufacturing machinery, machine
tools and machine parts are exempt from the 3 percent state sales
and use tax statewide |
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Local government tax incentives. Any city or county within an enterprise
zone is authorized to negotiate with individual taxpayers who have
qualifying new business facilities. |
For details on each type
of credit and application forms, please go to: Tax Credits. Two counties in Region 10, Delta and Hinsdale, are considered Enhanced Rural Enterprise Zones and qualify for additional tax credits. Information on these Enhanced Enterprise Zone tax credits can be found at: Enhanced Rural EZ.
Please contact your tax advisor for advice on the application of these
tax credits to your situation. To verify that a business location is
eligible for EZ Business Tax Credits, please call us at (970) 249-2436
x 10, or email us at info@region10.net.
2. Tax Credits for Contributions to Designated Contribution
Projects
The Contribution Project Tax Credit Program is to encourage
individual taxpayers to make contributions to eligible enterprise zone
contribution projects. Contributors may claim a 25% tax credit for cash
contributions and a 12.5% tax credit for valued in-kind contributions
up to $100,000. If your organization is interested in becoming a Contribution
Project, guidelines and an application can be found at: Contribution Projects .
In general, a project must have as one of its main purposes creating or
preserving an environment that will help attract, expand, or retain employers
in the enterprise zone. Direct employment of the sponsoring non-profit organization
will not be used to qualify a project, nor will project construction employment.
The thirteen current Enterprise Zone Contribution Projects in Region 10 are:
Friends of the Wright Opera House
P.O Box 440
Ouray, CO 81427
Phone: 970-325-4402
Email: rhuesing@ouray.us
Montrose Recreation District
P.O. Box 63
Montrose, CO 81402
http://www.montroserec.com
Phone: 970-249-7831
Email: mntrsrec@montrose.net
Tri-County Resource Center Domestic Violence Shelter
Hilltop Community Resources
540 S 1st St, Montrose CO 81401-3911
http:// www.htop.org
Phone:(970) 252-7445
Email: corpinfo@htop.org
Montrose Economic Development Corporation, Inc.
P.O. Box 1492,
100 Tessitore Ct,
Montrose, CO 81402
http://www.montroseedc.org
Phone: 970-249-9438
Email: info@montroseedc.org
Montrose County Senior Citizens Transportation, Inc. (dba All Points Transit)
PO Box 1416
Montrose, CO 81402
Phone: (970) 249-8865
Email: twilcox@montrosetransit.org
Delta Area Development, Inc.
P.O. Box 627,
122 W 3rd.,
Delta, CO 81416
http://www.deltaareadevelopment.org
Phone: 970-874-4992
Email: dadi@deltaareadevelopment.org
Hospice and Palliative Care of Western Colorado
2754 Compass Drive, Suite 377
Grand Junction, CO 81506
http://www.hospicewco.com
Phone: 970-241-2412
Email: info@hospicewco.com
San Juan Healthcare Foundation
800 S 3rd Street,
Montrose, CO 81401
http://www.montrosehospital.com/san_juan_healthcare_foundationth.htm
Phone: 970-240-7397
Email: ljacobsen@montrosehospital.com
Habitat for Humanity
ReStore
PO Box 162,
Montrose, CO 81401
http://www.habitatcolorado.org/Montrose
Phone: 970-249-2257
Email: hfhmontrose@habitatcolorado.org
Telluride Montrose Regional Air Organization
565 Mountain Village Blvd,
Telluride, CO 81435
Phone: 970-728-7465
Email: sstewart@tellurideskiresort.com
Main in Motion
Montrose Visitors and Convention Bureau
1519 E. Main St.
P.O. Box 335
Montrose, CO 81402
http://www.visitmontrose.net/main_in_motion.htm
Phone:
970-252-0505
Email:jennis@visitmontrose.net
House of Promise
PO Box 784
Olathe CO 81425
http://www.teenchallengerockymountains.com
Phone: 970-323-6013
Email: houseofpromise@kaycee.net
Telluride Medical Center
500 West Pacific Avenue P.O. Box 500
http://tellmed.org/
Telluride, CO 81435
Phone: 970-728-3848
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