January 16, 2019
The Colorado Office of Economic Development and International Trade (OEDIT) has updated the list of counties that qualify for Enhanced Rural Enterprise Zone (EREZ) status. For the 2019 and 2020 calendar year, Archuleta, San Juan and Dolores Counties are included with 32 other Colorado counties that meet at least 2 of the 5 criteria specified in the Colorado Enterprise Zone Act to be designated as an EREZ. This includes Dolores which meets 4 criteria, and San Juan and Archuleta counties both meeting two of the criteria. Archuleta County was not on the previous list.
OEDIT is required to review qualifying data and to update EREZ status every two years. Businesses within designated Enterprise Zones in EREZ counties can earn an additional $2,000 Colorado income tax credit for each new employee hired on top of the current $1,000 EZ Employee Tax Credit. If the business is an agricultural processer, there is an additional $500 credit. The evaluation criteria includes:
• County unemployment rate greater than 50% above state average.
• County per capita income less than 75% of state average.
• County population growth rate less than 25% of state average.
• Total non-residential assessed value ranks in lower half of all counties.
• County population less than 5,000.
For more information on the program, call Region 9 Economic Development District at 970-247-9621, www.scan.org or www.choosecolorado/ez.
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