First Businesses Approved for Colorado's New "Tax Holiday"
New Tax Credit Program Unique to Colorado Expected to Grow Advanced Technology and Manufacturing Industries in the State
Denver, CO, February 12, 2016 (Newswire.com) - The Colorado Economic Development Commission announced today that three companies have been approved to participate in the state’s new Rural Jump-Start Zone Tax Credit program. The businesses represent the first wave to expand or relocate in Mesa County, located on the western slope of the Colorado Rocky Mountains, as a result of the new “tax holiday.”
“We’re excited for Mesa County to welcome the inaugural batch of companies into the Rural Jump-Start program,” said Kristi Pollard, Executive Director for the Grand Junction Economic Partnership. “The program will bring a real competitive edge to our county, and enhance Colorado’s overall profile as a hub for entrepreneurship and high-tech industry.”
Two expanding Mesa County businesses and an Australian transplant are the first companies to participate in the program:
· Colorado Clean, based in the Town of Palisade, is a biodegradable plastic company that manufactures and distributes products that typically use a traditional plastic, such as water bottles, with a patented, 100% biodegradable “Amphora” film that uses 80% less petroleum by mass than the competitors.
· ProStar Geocorp™, based in the City of Grand Junction, is a software company focused on providing next generation GIS 'Geospatial Intelligent Solutions™' to pipeline and utility owners through patented technologies that provide real-time functionality and can be used to streamline the asset management lifecycle process.
· TSW Analytical is an Australian-based forensics investigation and technology development company that will be expanding its operations to North America thanks to the Rural Jump-Start program. TSW is a recognized global leader in the application of instrumental technology to food authentication and origin determination.
As a Jump-Start zone, Mesa County, Colo., offers participating businesses up to eight years of zero state income and sales & use taxes; zero county and municipal property taxes and sales & use taxes; and zero state income taxes for their employees. In exchange, the businesses will add a minimum of five net new jobs to the county in high-paying, highly skilled fields such as advanced manufacturing, food processing, biotech and other advanced technologies. The companies also agree to form a partnership with Colorado Mesa University, a local institute of higher education, through mentorship, internship opportunities and community involvement.
“Jump-Start will provide our students with unparalleled access to business entrepreneurs in high-tech industries, while creating future job opportunities for our graduates and jolting our local economy,” said Tim Foster, President of Colorado Mesa University (CMU). “In return, these companies will benefit from the high level of professional and technical talent and applied research capabilities available at CMU.”
“Over the past several months, we have had the opportunity to work with Colorado Clean, ProStar GeoCorp and TSW Analytical, guiding them through the Jump-Start application process,” added Pollard. “We are thrilled that the Economic Development Commission approved their participation today and applaud this initiative to stimulate job growth and advance economic development in Mesa County.”
About Mesa County, Colorado
Mesa County (pop. 148,255) sits at the confluence of the Colorado and Gunnison rivers on the western slope of the Colorado Rockies, bordering Utah. The county’s main seat is the City of Grand Junction, which is 250 miles from both Denver, Colo., and Salt Lake City, Utah – and the largest city between the two. The county also encompasses the more rural City of Fruita and small towns of Palisade, Collbran, DeBeque, Gateway, Mack and Mesa.
About Colorado Mesa University
Colorado Mesa University(CMU) is the official institute of higher education for the Jump-Start tax-free zone in Mesa County. CMU is a comprehensive regional public higher education institution offering liberal arts, professional, and technical programs at the master's, bachelor's, associate and certificate levels.
About the Grand Junction Economic Partnership
The Grand Junction Economic Partnership (GJEP) is a private non-profit incorporated organization and the official economic development agency for Mesa County and its municipalities. GJEP works to recruit and retain businesses in the cities of Grand Junction and Fruita, the town of Palisade and surrounding regions.