Grand Junction, Fruita and Town of Palisade Sign Up for Program
Rural Jump-Start Zone Tax Credit Program Designed to Grow the Economies of Rural Areas in Colorado.
On December 20, 2015, Mesa County was officially “open for business” as part of the application process to participate in the Rural Jump-Start Zone Tax Credit Program designed to grow the economies of rural areas in Colorado.
The announcement was made by Mesa County Commissioners, Colorado Mesa University, Colorado Senator Ray Scott and Rep. Yeulin Willett.
Jump-Start is a joint effort between counties, municipalities, higher education institutions and business communities in the state of Colorado to grow jobs in industries such as advanced manufacturing, aviation, food processing, biotech and other technologies. A total of 44 counties are eligible to apply for the program but only three counties will be able to participate in the first year. Mesa County, the cities of Grand Junction, Fruita and the Town of Palisade, passed resolutions in the past week to be part of the program. Upon their agreement, Colorado Mesa University filed the application Thursday afternoon.
The Jump-Start Program requires businesses to create a minimum of five net new jobs in the county where they located in exchange for relief from state income and sales & use taxes; county and municipal personal property taxes; and state income taxes for their employees for up to eight years. To further enhance the program, Mesa County’s local jurisdictions added a number of other local tax incentives to the program. Additional requirements for businesses include that the core function of the business cannot compete with existing businesses in the state and the business must establish a relationship with an institute of higher education in their county.
The Grand Junction Economic Partnership (GJEP) which helped lead the effort to establish a rural tax credit program in Colorado says they have had 11 inquiries from companies in six industries. They also stated at least six companies plan to apply in the New Year.
Colorado Mesa University is expecting a response to its application from the Colorado Office of Economic Development & International Trade by January 14th. Individual businesses can begin submitting their applications starting January 19, 2016.
Tim Foster, President of Colorado Mesa University said “each year, we lose a talented group of graduates because we cannot offer them the same type of high-paying jobs that you see on the Front Range and in other parts of the country. Jump-Start will be able to find those jobs for the students right here in Mesa County”.
Your Business May Be Eligible If:
- It is a startup, new division, new joint venture or otherwise new business to the State of Colorado.
- It creates a minimum of 5 new jobs in Mesa County.
- You are not moving existing jobs away from another part of the state.
- It does not directly compete with the core functions of an existing business in the state.
- It adds to our economic base and exports goods or services outside of Mesa County.
For more information about the Rural Jump-Start Zone Tax Credit Program in Mesa County.