Montrose County Given Heightened Tax Incentives
There's more of a reason to hire someone if your business is in Montrose County.
The Office of Economic Development and International Trade has announced which counties in Colorado qualify for the Enhanced Rural Enterprise Zone. Delta, Hinsdale, Ouray, and San Miguel are all on the list, as they have been, but Montrose is a new comer.
The county now qualifies because its population growth is nearly flat at 0.18 percent, and the average income was about $33,000, which less than 75 percent of the state average. Montrose had been a Rural Enterprise Zone, but Sonja Guram with the Colorado Office of Economic Development and International Trade explains what this enhanced labeling means for Montrose and other counties on the Western Slope.
"The main benefits to an area having it, is that there is an additional tax credit that can be earned by any business adding employees," says Guram. "The regular credit is $1,100 per new employee, but for a business in an Enhanced Rural Enterprise Zone, adding a new employee gets an additional $2,000 per employee."
The over $3,000 per new employee would be a credit to state income tax. Sonja says some non-profits might be eligible.