We are in an Enterprise Zone
What is an enterprise zone?
According to Laura Lewis from the Region 9 Economic Development District of SW Colorado, an Enterprise Zone is a geographic area designated by the State of Colorado to receive certain economic incentives to encourage business in distressed areas of the State.
She said that Montezuma County is an Enterprise Zone and that includes the Mancos Valley. She explained that there are tax credits new and existing businesses can receive. But to be eligible, Colorado requires businesses seeking Enterprise Zone Tax Credits must obtain pre-certification before counting or engaging in any eligible activity. Pre-certification simply confirms that the business is located in an Enterprise Zone area.
Submitting information for pre-certification does not obligate the business to actually earn or use the credit(s) but it should be done annually if a business thinks it might have the opportunity to use the benefits. Detailed information about each of the EZ tax credits and the precertification link is available at: www.advancecolorado.com/ez.
Businesses can receive tax credits for the following:
Investment Tax Credit for the purchase of equipment
Job Training Tax Credit
Business Facility tax credits for new jobs created and maintained for a year including new agricultural processing jobs and even tax credits for health insurance.
Vacant Building Rehabilitation Tax Credit.
To learn more about the details, Mancos Valley actually has some local business development people to help walk you through the process. Chris Burkett with MCEDA can be reached at 970-560-5581 and Chelsea Jones, Town of Mancos Economic Development, 970-533-7725.