Rhona Keckler, Region 10’s Enterprise Zone coordinator/executive assistant, told the 20 or so small business owners who attended the Jan. 20 meeting that there are various business incentives that drive the Tax Credit Program, including a three percent investment tax credit, a $500 job tax credit and an enhanced rural zone tax credit.
“These tax credits are state tax credits and try to give you an incentive to expand or start up new businesses,” Keckler said, adding that Ouray County is considered an Enhanced Rural Zone, which means businesses can receive $2,000 in tax credits for every new employee they hire.
For businesses needing to invest in equipment, the three percent investment tax credit is available. “If you have an existing business and need to invest in equipment for that business to run or operate, this credit is available,” she said. “In the case of a hotel, these investments include beds and curtains – anything that can be removed.”
For businesses that need to hold job training programs, there is a tax incentive for that as well. Employers who carry out a qualified job training program for their Enterprise Zone employees may claim an income tax credit of 10 percent of their eligible training costs. “This credit is good if you need to train your staff, including the construction industry, gas line installation and things like that,” Keckler said. “There are quite a few things available here.”
In all, there are 10 different tax incentive programs available through the Region 10 office including a credit to rehabilitate vacant buildings for business, local government tax incentives and credits for employers with employer-sponsored health insurance plans.
“These tax programs have put millions of dollars back into business owners’ pockets in this area,” Region 10 Executive Director Paul Gray said at the discussion. “I can’t think of anything that puts more money in the hands of businesses than these tax programs, and Rhona is really good at working these programs to your best advantage.”
To find out more information on all the tax incentive programs, Keckler may be reached at 970/249-2436 ext. 10 or at firstname.lastname@example.org.
Region 10 is a nonprofit organization supporting local communities and businesses in six counties in Western Colorado. It was established in 1972 to provide its member counties and communities with a means of regional cooperation and to provide cost effective services. For more information on Region 10, visit region10.net.