Incentives & Financing
Money talks. Sometimes, it runs.
Incentives and Financing
Assisting businesses like yours to grow and expand is priority one for the Denver South Economic Development Partnership. Incentive programs offered through city and county are helpful, especially with rebates of up to 100% of the business personal property tax, sales and use tax rebates, expedited permitting, reduction in permitting fees, and infrastructure improvements.
Likewise, Colorado has low taxes and business costs, provides performance-based incentives to qualifying companies that create new jobs and offers customized training grants.
Meanwhile, at the local level, incentive packages are granted case-by-case via local jurisdictions. These incentives are considered based on employee count, wages, and industry type. Transportation amenities may also be available.
The State of Colorado Office of Economic Development & International Trade (OEDIT) encourages quality economic development through financial and technical assistance provided in support of local and regional economic development activities. Several incentive programs include:
Job Growth Tax Incentive
The Job Growth Incentive Tax Credit provides a state income tax credit to businesses undertaking job creation projects that would not occur in Colorado without this program.
Strategic Fund Incentive
The Strategic Fund Incentive program supports and encourages new business development, business expansions and relocations that have generated new jobs throughout the state. In some cases, the Strategic Fund may also be able to provide support for initiatives led by non-profit entities pertaining to key industries or regional development.
Enterprise Zone Tax Credits
Colorado’s Enterprise Zone (EZ) program provides tax incentives to encourage businesses to locate and expand in designated economically distressed areas of the state.
Local Government Incentives
Local governments can provide property tax credits or incentive payments based on the amount of increased property taxes for qualifying new business activity in their jurisdictions.
Job Training Grant Programs
The Colorado First and Existing Industry grants are jointly administered by OEDIT and the Colorado Community College System. The state may be able to provide specific support to retain jobs or offers business-friendly tools that assist in retaining jobs (such as the Enterprise Zone Program) for this grant.
Public Infrastructure Grants
The Infrastructure Assistance program is designed to create new permanent jobs and retain existing jobs, primarily for low- and moderate-income persons. The state may be able to provide specific support to retain jobs or offers business-friendly tools that assist in retaining jobs (such as the Enterprise Zone Program) for this grant.
Biotechnology Sales and Use Tax Refund
Colorado promotes its biotechnology industries by providing them with a taxpayer-friendly means to recover the sales and use previously-paid tax expenses on equipment and supplies used for research and development.
Manufacturing Sales and Use Tax Exemption
Colorado encourages manufacturers to locate their manufacturing operations in Colorado recognizing their importance in Colorado’s economy. Colorado provides an exemption from state sales and use tax on purchases of manufacturing machinery, machine tools and parts.
Sales Tax Exemption on Components for Production of Energy from Renewable Energy Sources
FYI Sales 83 – Components used in the production of electricity from a renewable energy source, including but not limited to wind, are exempt from state sales and use tax. Effective July 1, 2009, components used in solar thermal systems are exempt from state sales and use tax.
Aviation Development Zone Tax Credit
A business or any portion of a business that is involved in the maintenance and repair, completion or modification of aircraft located within the boundaries of an airport designated as an Aviation Development Zone may qualify for a state income tax credit of $1,200 per new full-time employee.
Film Incentive Program
The Office of Film, Television & Media attracts and facilitates content creation in the state in order generate economic growth and job creation in all of its communities. The office administers a 20% performance-based rebate.
Incentives & Financing
Denver South EDP saw a flurry of prospect activity in 2013 with 18 announcements totaling 2046 direct jobs.
2014 is also off to great start. Denver South has seen record prospect activity and has already had four announcements totaling over 400 jobs. This year’s announcements include Trulia, Ampio Pharmaceuticals, Ring Central, and Vantiv.