Meeker, Rangely included in NW Colorado enterprise zone

RBC | The Colorado Economic Development Commission approved a boundary line adjustment to the Northwest Colorado Enterprise Zone administered by Associated Governments of Northwest Colorado (AGNC). The boundary line adjustment incorporated Meeker and Rangely in the eligible area, providing tax credits to businesses within Rio Blanco County, the Town of Meeker and the Town of Rangely.
“We are excited to have these tax credits available for our businesses in Rio Blanco County. This is one more tool that may help our existing businesses and encourage new businesses to locate here,” said RBC Economic Development Director Katelin Cook.
The Colorado Enterprise Zone Program is designed to promote a business-friendly environment in economically distressed areas by offering state income tax credits that incentivize businesses and nonprofit organizations to locate and develop in these communities.
Some of the credits include credits on commercial vehicle purchases, employee training expense credits, new employee credits, employer sponsored health insurance credits and vacant commercial building rehabilitation tax credits, among others.
Private-sector business activity encouraged by these income tax incentives brings job opportunities and capital investment to economically distressed areas. The private investment results in tax revenue for school districts, cities, counties and the state, outweighing the costs of the tax credits granted.
Bonnie Petersen, Executive Director of AGNC, serves as the administrator for the Northwest Enterprise Zone, which includes Jackson, Moffat, Rio Blanco and western Garfield Counties, as well as parts of Routt, Grand, and Clear Creek Counties. Petersen states “we are so pleased to have all of Rio Blanco County reinstated to the Northwest Enterprise Zone, and we are happy to have been able to bring the issue forward to the Economic Development Commission.”
In addition to business tax credits, Enterprise Zone Contribution Projects encourage community participation and public-private partnerships to revitalize Enterprise Zones through development of projects that meet the economic development needs, result in job creation/retention and business expansion, and have the support of the community. Colorado taxpayers may earn Colorado income tax credits by contributing to targeted efforts. EZ Contributions follow Federal Charitable Contribution rules.
A full listing of available tax credits and additional information can be found online at choosecolorado.com. Businesses wanting to claim any of the Colorado Enterprise Zone income tax credits must annually pre-certify with their local Enterprise Zone Administrator to be eligible to claim tax credits. Pre-certification can be completed up to three months in advance of the business’ tax year start date.