Most of the City of Grand Junction is located in a Colorado Enterprise Zone, which allows employers access to various incentives. This strategic positioning grants employers access to a plethora of enticing incentives, fostering an environment of growth and prosperity.
Our local Enterprise Zone administrator and local economic development partner, the Business Incubator Center are the local experts and will guide you through every step of the process!
Among these incentives, several tantalizing tax credits await businesses that tap into the zone’s potential. Businesses that operate in the zone are eligible for several different tax credits including:
- The Enterprise Zone New Employee Tax Credit which provides a tax credit of $1,100 per net new employee towards your Colorado state income tax.
- The Enterprise Zone Employer-Sponsored Health Insurance Tax Credit which provides a tax credit of $1,000 per employee if your business offers a qualified health insurance plan and you contribute at least 50% of the total cost of the health plan.
- Enterprise Zone Job Training Tax Credit is a tax credit for 12% of employee training costs
- Enterprise Zone Commercial Vehicle Investment Tax Credit is a tax credit for 1.5% of the costs for new commercial vehicles
To seize these opportunities, businesses must ensure they are well-prepared. Pre-registering with the State before incurring expenses that qualify for these credits is imperative. With foresight and proper planning, businesses can navigate the Enterprise Zone landscape, reaping the full benefits of these enticing incentives. To view the map of enterprise zones in Colorado, click here.
Questions about incentives or how to get connected? Contact Robert Hammes, Growth & Development Manager, at robert@gjchamber.org or 970-263-2918.