Currently, the rural jump-start zone grant program (grant program) terminates on July 1, 2024, and all grant money in the rural jump-start zone grant fund account (account) reverts to the general fund on June 30, 2024. The bill continues the grant program until July 1, 2026, and the grant money in the account reverts to the general fund on June 30, 2026.
The bill changes the total allowable administrative cost of the grant
The new business income tax credit and the new hire income tax credit, which are benefits under the grant program, currently expire on January 1, 2026. The bill extends the tax credits for 5 years, until January 1, 2031.
The bill prohibits the Colorado economic development commission (commission) from approving more than 3 rural jump-start zones in counties with populations of less than 100,000 in any year. The number of credit certificates that the commission may issue in each approved rural jump-start zone in one income tax year for all new hires employed by all new businesses that are in one of the 14 industries that the commission targets for economic development in the state is increased from 300 to 500.
(Note: This summary applies to this bill as introduced.)