This FYI contains information on the three new business facility employee credits available to qualified businesses located in an enterprise zone. They are:
- The new business facility employee credit.
- The new business facility agricultural processing employee credit.
- The employer-sponsored health insurance credit.
See publication FYI General 6, General Information about Colorado Enterprise Zones for information about other enterprise zone credits.
THE NEW BUSINESS FACILITY EMPLOYEE CREDIT
Any taxpayer who establishes a new business facility in an enterprise zone can claim an income tax credit of $500 for each new business facility employee who is working within the zone, prorated according to the number of months of employment during the tax year. For subsequent tax years, a credit of $500 shall be allowed for any increase in the average number of new business facility employees working in the zone in excess of the maximum number employed in any prior tax year. [§39-30-105, C.R.S.]