Finance Incentives and Programs

State Level

Colorado Enterprise Zone Program
This program is intended to assist with revitalization efforts in blighted areas throughout the state. Companies located within an established state Enterprise Zone are eligible for various state income tax credits.

• Investment tax credit (3 percent)
• New jobs tax credit ($500/new employee)
• Employer-sponsored health insurance plan ($200/employee for two years)
• R&D tax credit (3 percent of increased expenditure)
• Job training tax credit (10 percent)
• Tax credit for rehabilitation of vacant commercial buildings (25 percent)

Jefferson County has one of the sixteen state-designated Enterprise Zones. JEC staff administers the program for Jefferson County.

For more information regarding Colorado’s Enterprise Zone Program please call Neil Marciniak with the Jefferson Economic Council at 720-544-5505.

 For further information about the Jefferson County Enterprise Zone at http://www.jeffco.org/ez-brochure.htm

Map of Wheat Ridge’s Enterprise Zone at http://www.wred.us/ezmap-wheatridge.pdf

Job Creation Performance Incentive Fund

The Job Creation Performance Incentive Fund (PIF) provides a performance-based incentive payment to qualifying companies that have created net new jobs paying above average wages. The program is designed to support and encourage new business development, business expansions and relocations that have generated new jobs throughout the State.

After maintaining new jobs for one year, an employer has 90 days from the last day of the month in which the jobs were filled to submit an incentive application. The first month in which an application may be submitted is January 2007 (for jobs created in January 2006). Incentives will be awarded to applicants in the order in which the Colorado Economic Development Commission (EDC) receives complete, accurate and eligible applications (first come, first serve) until the program funds have been expended. Any eligible applications that are received after the funds have been expended will be placed first in line until new funding is available.

For more information regarding the Job Creation Performance Incentive Fund go to www.advancecolorado.com/business-finance/JobCreationPerformanceIncentive.pdf or  contact Shela Tatro or Alice Kotrlik with the Colorado Office of Economic Development and International Trade 303-892-3848.

Enhanced Incentive Program

The Enhanced Incentive Program (EIP) provides an additional performance-based incentive payment to companies that have qualified under the State’s Job Creation Performance Incentive Fund (PIF) and have created new jobs paying at higher than average wages. The program is designed to support highly desirable and high-impact job creation opportunities.

For more information regarding the Enhanced Incentive Program go to www.advancecolorado.com/business-finance/EnhancedIncentiveProgram.pdf or contact Shela Tatro or Alice Kotrlik with the Colorado Office of Economic Development and International Trade 303-892-3848.

County Level

To qualify for a rebate, the project must fall in to one of the following categories:

• New Business Facility–a newly acquired, constructed, or leased facility used to operate a revenue-producing enterprise.
• Qualified Replacement Facility–a facility in which a business has invested at least $3 million or 300 percent of the investment in the old facility.
• Qualified Expansion Facility–expansion qualifies under "new business facility," and the facility isn't a "replacement facility."

In addition, a company requesting a rebate must be a "primary employer," a company that sells a product or service outside the County (bringing new dollars into the County) and pay average salaries of over $33,394 (excluding top management). JEC will also perform an economic impact analysis to show if the project will bring a positive revenue return to Jefferson County.

Calculating Rebate Amount
Industrial and commercial property is assessed for property tax purposes at 29% of market value. Jefferson County's mill levy is 25.978 mills. Because of the various special and school districts and incorporated cities and towns, total mill levies can vary. The average total mill levy in Jefferson County is about 98-100 mills. However, the rebate only applies to the mill levy portion collected by the negotiating entity, ie. county, municipality or school district.

Sample Calculation
The following is a sample formula for calculating the personal property tax rebate for the county's portion of the mill levy:

29% x market value of personal property x county's mill levy x 50%=
Yearly rebate for up to 4 years.

29% x $10 million in personal property x 25.978 mills or (.025978) x 50% =
$37,668 over 4 years = $150,672 (less depreciation)

For more information regarding Corporate Personal Property Tax Rebate please call the Jefferson Economic Council at 303-202-2965

City Level

Enhanced Sales Tax Incentive Program (ESTIP)

The Enhanced Sales Tax Incentive Program was created by the Wheat Ridge City Council in May of 1988 as a tool to stimulate the overall economic viability of the City of Wheat Ridge. The ESTIP provides for a share-back of retail sales tax generated, to local retailers or developers, as reimbursement for capital projects that meet the criteria established as “public or public related improvements.”

The program is designed to encourage the establishment and/or expansion of retail sales tax generating businesses within the City thereby, generating employment opportunities, expanding goods available and increasing the consumption of goods, while at the same time, providing public or public related improvements to the City at virtually no cost, or at a deferred cost to the City, its taxpayers and residents.

• Up to 100% of newly generated sales tax can be “shared-back” to offset the cost of improvements

For more information regarding Enhanced Sales Tax Incentive Program or to receive an informational packet and application please call Ryan Stachelski at 720-898-4706.

 
Wheat Ridge Business District Revitalization Incentive Program

This program offers up to $14,000 in matching fund to commercial businesses in the Wheat Ridge Business District’s program area in order to improve the appearance to individual buildings, as well as the overall look of the city. Improvements must be to area visible from the public right-of-way. The goal of the program is to leverage private improvements while making revitalization efforts affordable, creative, and community-based.

The Revitalization Incentive Program is administered by the Wheat Ridge Business District, a volunteer group comprised of Wheat Ridge Business owners, property owners, and civic leaders. The board of the Wheat Ridge Business District has an agreement with Wheat Ridge 2020 to process applications. Every committee member has a strong desire to improve the physical appearance of Wheat Ridge.

For more information regarding the Wheat Ridge Business District Revitalization Incentive Program contact Britta Fisher at 720-259-1030 or get the overview and application on the website.