Enterprise Zone

The State Legislature created the Colorado State Enterprise Zone Program to address economic distress in designated geographical areas in Colorado. In 1989, Northeastern Colorado was designated as Enterprise Zone. The Executive Director of NECALG was designated as the Sub-Zone Administrator of the East Central/Northeast Enterprise Zone.

How does the Enterprise Zone benefit you?

As a Colorado taxpayer, the enterprise zone contributions credit benefits you in several ways:

  • It decreases the amount of taxes you owe.
  • It gives you an opportunity to invest in your community.
  • It lets you direct the use of your dollars in ways that have a more immediate and personal meaning for you and your family
NECALG would like to recognize Morgan County for the highest total contributions in 2010 ($304,967)

NECALG would like to recognize the East Morgan County Hospital Foundation for the highest amount of contributions for a single entity ($179,858)

Mary Jo Downey, Executive Director for the East Central Council of Governments notes, "An enterprise zone contribution triggers other investment in the community, thus helping to stabilize the local economy."

Qualified Capital Investments

The Rural and Urban Enterprise Zone Act Enterprise created tax credits for any business located within the boundaries of a designated Enterprise Zone that made a Qualified Capital Investment for the business.

In FY 2010, area businesses made Qualified Capital Investments totaling $135,757,031 through the Northeastern/East Central Colorado Enterprise Zone. The Capital Investment resulted in state tax credits of $4,074,111 for re-investment in Northeastern Colorado.

Following is a chart summarizing the Qualified Capital Investment and the resulting tax credits for each County in the Region.

County

Qualified Capital Investment

Investment Tax Credit

Logan

$20,541,372

$615,224

Morgan

$53,490,867

$1,602,448

Phillips

$9,539,109

$287,390

Sedgwick

$4,076,303

$122,293

Washington

$14,668,082

$440,030

Yuma

$33,441,298

$1,006,726

Total

$135,757,031

$4,074,111

 

Tax Credits for Community Projects

The State Legislature has authorized tax credits for community projects approved by the Economic Development Commission (EDC) that implement the Overall Economic Development Plan of the Enterprise Zone.

In 2010, NECALG received $580,466 in cash contributions for eligible projects designated by the EDC. Contributions to these projects are eligible for a 25% tax credit from the State of Colorado.

Northeast Enterprise Zone

Total Contributions

LOGAN COUNTY

$26,000

MORGAN COUNTY

$304,967

PHILLIPS COUNTY

$89,637

SEDGWICK COUNTY

$31,726

WASHINGTON COUNTY

$800

YUMA COUNTY

$127,336

TOTAL of All Counties

$580,466