Category Archives: Colorado Tax and Accounting Consultation

Northern Colorado Enterprise Zone Tax Credits

Colorado’s Enterprise Zone Program is created to stimulate economic and neighborhood advancement in targeted locations around the state. Personal businesses located within an Enterprise Zone may receive incentives associated with business investment, business expansion, and/or brand-new business relocation. Your Local CPA can help you determine if you can apply for Enterprise zone credits for your business. Additional information is provided below to help you determine your eligibility.

Check out the Colorado Workplace of Economic Advancement & International Trade (OEDIT) site for a detailed list of company tax credits.
Please keep in mind that business must be pre-approved with the State prior to carrying out an activity that will earn them an Enterprise Zone tax credit. Please take a minute to submit your 2014 electronic pre-certification today!

The State of Colorado recently made changes to the Enterprise Zone pre-certification and accreditation website.

Enterprise Zone Pre-Certification and Certification Application Website
We encourage you to review the User Guides prior to going into the Application Portal. The User Guides step you through the application procedures and will reveal you what info you’ll need to finish the applications.
* User Guide – Pre-Certification *.
* User Guide – Accreditation *.


IMPORTANT MODIFICATIONS CONCERNING THE ENTERPRISE ZONE!
For 2014-2015, there might be considerable changes concerning the Larimer County Enterprise Zone. If you are a Certified Public Accountant, your company has applied for or has actually considered getting, or you just would like to know more about Enterprise Zone Tax Credits, please contact Jacob Castillo, Enterprise Zone Administrator.
For more information about Business Tax Credits, check out these links:

What are the Enterprise Zones in Larimer County?800px-Map_of_Colorado_highlighting_Larimer_County.svg

Larimer County has four subzones:.
Berthoud.
Fort Collins.
Loveland.
Wellington.
________________________________________.
How do I know if my company address is located in the Enterprise Zone?
To figure out if your business address is located within the Enterprise Zone, use this locator map. Enter your full address in the box. If your address falls within the orange shaded area, you are in the zone. (For an example of exactly what an address in the Enterprise Zone resembles insert: “200 West Oak Street, Fort Collins,” in the box.).
________________________________________.
Do I have to do anything special to take the Enterprise Zone Business Tax Credits?
Pre-certification is needed in 2012– If your company will perform an activity on or after January 1, 2012 that may earn an Enterprise Zone business tax credit Pre-certification is required prior to beginning the activity that earns the credit. Click here for details.
________________________________________.
What if I finish the Pre-certification and after that choose not to take the tax credits?
Pre-certification does not obligate you to take Enterprise Zone Business Tax Credits. If you make an application for the Pre-certification and do not make use of the tax credits, you do not need to do anything even more.
________________________________________.

Contribution Tax Credit.

In addition to tax credits for personal companies, the Enterprise Zone Program encourages contributions to non-profit organizations that serve an Enterprise Zone and the population therein.
Taxpayers who make a financial contribution to an approved Enterprise Zone Project may claim a 25 % state earnings tax credit based upon the value of the contribution (as much as an optimal $100,000 credit.) In-kind contributions might likewise qualify the taxpayer to assert a 12.5 % state income tax credit based on the value of the contribution.
To learn more on Contribution Tax Credits, check out these links:.
Contribution Tax Credit Frequently asked questions.
List of Approved Enterprise Zone Projects.

Non-Profit Organizations.

Are you a non-profit company that lies within the zone and/or services a population within the zone and would like to discover how to end up being a licensed Enterprise Zone project?
Please contact:
James Vaughn
Vaughn CPA, LLC
970-667-2123
Please follow and like us:
MORE

Colorado Enterprise Zone Tax Credits

The information listed below supplies web links to the application or process to get credits, CO Department of Revenue FYI Publication and Regulation, and statute for each EZ reward.
After examining these files, you may want to seek advice from a tax expert like a local CPA. You can also get a CO Department of Earnings Letter Judgment for situational responses.
If you would like help with your enterprise tax credits contact one of our local Colorado Tax Advisors – 970-667-2123.
Colorado Enterprise Tax Credit Introduction Table
* FYI Income Rules
Investment Tax Credit (ITC).
3 % of equipment purchases.
Application: Online.
FYI: FYI Income 11.
Laws: EZ Laws.
Statute: C.R.S. 39-30-104.
Task Training Tax Credit.
12 % of certified training costs (new rate 1/1/2014).
Application: Online.
FYI: FYI Income 31.
Policy: EZ Laws.
Statute: C.R.S. 39-30-104(4)
Investment Tax Credit (ITC).
3 % of equipment purchases.
Application: Online.
FYI: FYI Earnings 11.
Laws: EZ Laws.
Statute: C.R.S. 39-30-104.
Task Training Tax Credit.
12 % of certified training costs (new rate 1/1/2014).
Application: Online.
FYI: FYI Income 31.
Policy: EZ Laws.
Statute: C.R.S. 39-30-104(4)
New Staff member Credit.
$1,100 per new task (brand-new 1/1/2014).
Application: Online.
FYI: FYI Income 10.
Policy: EZ Regulations.
Statute: C.R.S. 39-30-105.1.
Agricultural Processor New Employee Credit.
$500 total per new a.p. task (new 1/1/2014).
Application: Online.
FYI: FYI Earnings 10.
Policy: EZ Laws.
Statute: C.R.S. 39-30-105.1.
Employer Sponsored Medical insurance Credit.
$1,000 per guaranteed job (brand-new 1/1/2014).
available for very first 2 years in EZ.
Application: Online.
FYI: FYI Income 10.
Policy: EZ Laws.
Statute: C.R.S. 39-30-105.1
R&D Boost Tax Credit.
3 % of enhanced R&D expenses.
Application: Online.
FYI: FYI Income 22.
Regulation: EZ Laws.
Statute: C.R.S. 39-30-105.5.
Vacant Structure Rehabilitation Tax Credit.
25 % of rehab expenses.
Application: Online.
FYI: FYI Income 24.
Regulation: EZ Laws.
Statute: C.R.S. 39-30-105.6.
Manufacturing/Mining Sales & Use Tax Exemption.
Application: For 100+ Kind DR1192 or Type DR1191 .
FYI: FYI Sales 10 (statewide details).
FYI: FYI Sales 69 (Expanded in EZ details).
Policy: EZ Laws.
Statute: C.R.S. 39-30-106.
Process: No Pre-cert. or Accreditation required
Industrial Car Financial investment Tax Credit.
1.5 % of comm. car purchases.
Application: CVITC Application.
FYI: FYI Earnings 11.
Policy: EZ Regulations.
Statute: C.R.S. 39-30-104.
Process: Commercial Automobile Tax Credit Process.
Contribution Tax Credit.
25 % of Cash Contribution, 12.5 % of In-Kind.
Application: DR0075 form provided by task. See list here.
FYI: FYI Earnings 23.
Regulation: EZ Regulations.
Statute: C.R.S. 39-30-103.5.
Process: Contribution Tax Credit Process.
Please follow and like us:
MORE

Enjoy this blog? Please spread the word :)

  • Follow by Email
  • Facebook
    Facebook
  • Google+
    Google+
    http://vaughncpa.com/category/colorado-tax-and-accounting-consultation/">
  • LinkedIn