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DENVER, CO – Governor Polis today signed into law legislation to create more good-paying jobs by incentivizing businesses to expand or relocate to Colorado.
Sponsored by Senator Matt Ball, D-Denver, and Speaker Pro Tempore Andy Boesenecker, D-Fort Collins, HB26-1014 extends the Job Growth Incentive Tax Credit through tax year 2034. The Job Growth Incentive Tax Credit was created in 2009 to help create new jobs by offering a performance-based state income tax credit of 50 percent of the Federal Insurance Contributions Act (Social Security and Medicare payroll taxes) contributions paid by the business for each new job. The bipartisan legislation is also sponsored by Senator Lisa Frizell, R-Castle Rock, and Representative Rick Taggart, R-Grand Junction.
“The Job Growth Incentive Tax Credit has been hugely successful in creating opportunities for workers to thrive and grow in good-paying careers,” Ball said. “This legislation would continue to create good new local jobs and opportunities for Colorado families across our state.”
“This new law will create new, good-paying job opportunities and boost Coloradans in their career fields,” said Boesenecker. “The Job Growth Incentive Tax Credit has successfully created jobs in every corner of our state with wages that pay more than the average pay in that area. Expanding this tax credit will help attract businesses to Colorado, which will create more good-paying jobs and jumpstart careers.”
To qualify for this state income tax credit, businesses must create at least 20 new jobs during the credit period, or at least five new jobs if the project is within an Enhanced Rural Enterprise Zone. These jobs must pay at least 100 percent of the county’s average annual wage and be maintained for at least one year.
The following projects were announced as recent recipients of the Job Growth Incentive Tax Credit:
Project Hera, a technology company that would create 1,250 new jobs at 108-percent of the average annual wage in Broomfield County,
Neon, a company in the quantum industry, that is expected to create 150 new jobs at 172-percent of the average annual wage in Boulder County,
Project Elevate, a real estate investment and modular home manufacturing company, which is expected to create nearly 100 jobs at 135-percent of the average annual wage in Mesa County, and
Frontera, a construction company, which is expected to create 40 new jobs at 104-percent of the average annual wage in Montrose County.