(April 16) – Completing a rare trifecta, a unanimous Business, Labor & Economic & Workforce Development Committee voted today to continue one of the state’s main levers for encouraging job creation.
HB13-1287, sponsored by Reps. Dianne Primavera (D-Broomfield) and Brian DelGrosso (R-Loveland), extends the Colorado job growth incentive tax credit through 2023.
The job growth tax credit is available to any business in Colorado that creates jobs in the state – a minimum of five jobs in a rural enterprise zone, at least 20 in other areas of the state. The average credit is $2,800 per job. The new jobs must be retained for at least one year, and must pay at least 110 percent of the local average wage.
“These are really good jobs that last,” Rep. Primavera told the committee.
She called the tax credit “the keystone of the Office of Economic Development’s tools to attract new business and retain existing companies,” and testified that since its inception in 2009 the program has attracted 27 new businesses and 7,200 jobs to Colorado, and that 80 more companies are in the pipeline.
“Welcome to the jobs side,” Rep. Tracy Kraft-Tharp (D-Arvada) told Rep. DelGrosso before the committee voted 10-0 to send the bill to the Appropriations Committee. In recent years Republicans have been notorious for opposing bills intended to accelerate the state’s economy and connect more Coloradans to good jobs.
Earlier today, the BLEWD committee approved HB13-1301, a bipartisan bill to continue the Colorado Procurement Technical Assistance Centers to help Colorado businesses compete for government contracts.
And with several Republicans speaking in favor, the full House gave preliminary approval to HB13-1002, a bill to increase funding for the state’s Small Business Development Center system. It’s a core component of the House Democrats’ jobs and economic development package.