Colorado Office of Economic Development and International Trade has updated the list of counties that qualify for Enhanced Rural Enterprise Zone status, and Dolores, Montezuma and San Juan Counties, as well as eligible areas in Archuleta, made the list beginning in 2021. They join 31 other counties with a higher level of economic hardship and are provided additional incentives to encourage job creation and improve economic conditions.
Montezuma County is new to the list this year.
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 $1,000 EZ Employee Tax Credit; if the business is an agricultural processor there is an additional $500 credit. The other EZ tax credits, including the Investment Tax Credit, are the same as those for non-EREZ areas.
For more information, call 247-9621 or visit www.oedit.colorado.gov/enterprise-zone-program.