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The Colorado Economic Development Commission has recently approved two Enterprise Zone Contribution Project Designations for the Bennett Wastewater Treatment Facility and Bennett Town Hall. These certified Contribution Projects by the Colorado Economic Development Commission, are now eligible for financial contributions providing tax credits to contributors. According to the Colorado Office of Economic Development & International Trade (OEDIT) website, “Enterprise Zone Contribution Projects encourage community participation and public-private partnerships to revitalize EZs.” Individuals and organizations with a Colorado state income tax liability can earn tax credits by contributing to designated Contribution Projects. Contributors to these organizations can earn a 25% tax credit on cash contributions or 12.5% on the value of in-kind contributions.
How it works:
Tax Credits – The following may be eligible for a Colorado State Income Tax Credit:
A taxpayer who makes a qualified monetary contribution to an Enterprise Zone Contribution Project Designation may earn a Colorado Income Tax Credit of 25% of the value of the contribution up to a maximum credit of $100,000.
Qualified in-kind contributions made to an Enterprise Zone Contribution Project Designation may be eligible for a 12.5% in-kind credit. Examples of in-kind contributions are; employee labor, materials, furniture, computer equipment or stock.
Contribution Steps –
A certification form (DR0075) can be obtained at Town Hall or online here.
Donation checks or in-kind valuations must accompany a certification form (DR0075) and be submitted to the Town of Bennett for verification.
After a contribution is approved by the Town of Bennett, a finalized, signed DR0075 will be returned and must be attached to the individual’s Colorado Income Tax Return in order to receive the tax credit. The approval of these projects was brought about through a cohesive partnership with the Town of Bennett and Adams County Economic Development (ACED).
About EZ Contribution Projects:
EZ Contribution Project proposals are reviewed by the Colorado Economic Development Commission twelve (12) times per year. Non-profit organizations or local government entities interested in learning more about EZ Contribution Project designation, and whether they qualify, should email Deputy Town Administrator, Rachel Summers at firstname.lastname@example.org.
About the Town of Bennett’s Enterprise Zone:
The Town of Bennett is located almost entirely within a State Enterprise Zone. The Colorado Enterprise Zone (EZ) Program is designed to promote a business- friendly environment in economically distressed areas by offering state income tax credits that incentivize businesses to locate and develop in, and non-profit organizations to assist with the needs of these communities. Most businesses within Bennett’s incorporated limits are eligible to receive Colorado Income Tax Credits for activity such as creating jobs and investing in capital. To find out more about this benefit, go to our town website under the Enterprise Zone tab.