Problem
Economic recovery and prosperity in Colorado is too often concentrated in the metro areas of the state. In Colorado, the pandemic hit rural Colorado particularly hard and for many rural communities, the economic recovery has been much slower than the recovery in other parts of the state. As we build back from this pandemic, we need to invest in programs that will ensure all parts of our state, particularly our many rural communities, have the tools they need to attract new businesses, create good-paying jobs, and diversify their economy. Building back better needs to mean better for all parts of our state, not just the big cities and suburbs. This is not a problem confined solely to Colorado as most states also have a division between the more metro areas and the rural parts of their state.
Solution
States should invest in the Rural Jump-Start Small Businesses Tax Credit and Incentive Program.
The Rural Jump-Start Program helps economically distressed communities attract new businesses and jobs. Counties, municipalities, and higher education institutions work together to apply for this program.
When a community is a designated rural jump-start zone, new businesses can receive incentive payments and tax relief including credits, exemptions, and refunds from:
state income tax, state sales and use tax, county and municipal personal property taxes.
Employees of new businesses receive a grant for starting a new business and a tax credit for 100% of state income taxes on their wages for work in the rural jump-start zone.
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