Are you a business working on your taxes?

 

There are 10 different Colorado income tax credits available to businesses located in an Enterprise Zone designated area.  Credits include:

• Investment Tax credit — provides a 3% State Income Tax credit on business investments,
• Job training credits –t allows 10% of eligible training expenses to be credited.
• New Business Facility, expansion, qualified replacement job credits.
• Research & Development – 3% on R&D expenditures.
• Vacant Building Rehabilitation – 25% on eligible rehabilitation expenses.
• New Business Facility health insurance – $200 per employee if “qualified new business” pays at least 50% of premium.
• New business facility Ag processing job credits.
• Enterprise Zone Contribution projects – individuals and businesses receive a 25% credit for cash/ 12.5% credit for in-kind contributions to approved projects.
• Manufacturing and/or mining Sales and Use tax exemption – for machinery used solely in Enterprise Zone.

To learn more about the Southwest Enterprise Zone and available tax credits, go to www.scan.org.