At GJEP, we pride ourselves in giving each business individualized attention to ensure that your business relocation or expansion runs smoothly and you have access the best possible solutions for your company. GJEP will work directly with you to navigate local, regional and state incentives and to tailor a financing package that meets the unique needs of your business.
Local Cash Incentives
GJEP can offer direct cash grants, land grants or land discount options to qualifying companies. Incentives may be offered if Mesa County is in direct competition with one or more locations and the offer of an incentive can induce or persuade a decision in Mesa County’s favor.
Cash and land grants are available for both new (relocating) businesses and existing business expansions. The following criteria must be met by any business hoping to utilize local incentive funds:
- Currently operating with a successful financial track record. Favorable consideration may be made if a “new” business has strong financial assets and qualified management.
- Create “primary” jobs, defined as manufacturing, distribution or service jobs
- Provide a product or service which is “exported” from Mesa County
- The ability to make the transition, either expansion or relocation, in the absence of the incentive.
Grand Junction Economic Partnership incentive offers are predicated upon three components:
- Number of new jobs created in Mesa County
2. Wage level of those jobs
3. Total new capital investment
Local Tax Credits
Mesa County Business Personal Property Tax Waiver: Ability to apply for a waiver of your company’s Mesa County portion of business personal property taxes. Opportunity to waive up to 100% of business personal property tax paid to Mesa County.
City of Grand Junction does not collect sales & use tax on manufacturing consumables.
Jump-Start Mesa County: New and expanding businesses in Mesa County may be eligible for relief from state income and sales & use taxes; county and municipal personal property taxes; and state income taxes for their employees for up to eight years as part of the “Rural Jump-Start Zone” program.
Enterprise Zone: A number of tax credits are available to companies that locate in Mesa County, a designated Colorado Enterprise Zone. The purpose of the Enterprise Zone program is to create jobs and promote investments within that area. In Mesa County the program is administered by The Business Incubator Center.
Opportunity Zone: The Opportunity Zone program, which was established in the 2017 federal tax reform bill, allows investors to shelter capital-gains taxes for 10 years. Six “tracts” in Mesa County are currently approved for the program. Contact GJEP for more information.
Colorado Aircraft Manufacturer Tax Credit: Aircraft manufacturers located in a Colorado Aviation Development Zone may qualify for a state income tax credit of $1,200 per new employee. The Grand Junction Regional Airport is a designated aviation development zone.
Colorado Job Growth Incentive Tax Credit
The performance-based Job Growth Incentive Tax Credit provides a state income tax credit to businesses undertaking job creation projects that would not occur in Colorado without this program. Businesses need to create at least 20 new jobs in Colorado, with an average yearly wage of at least 100% of the county average wage rate based on where the business is located. A business located in an Enhanced Rural Enterprise Zone has to create at least five new jobs in Colorado, with an average yearly wage of at least 100% of the county average wage. All new jobs must be maintained for at least one year after the positions are hired to qualify.
Strategic Fund Incentive
The Strategic Fund Incentive program supports and encourages new business development, business expansions and relocations that have generated new jobs throughout the state. A business may receive funding if it proposes to create new jobs in Colorado that are maintained for at least one year. A business must also meet the requirements below:
- Strong level of local matching commitments ($1:$1 requested)
- Potential for economic “spinoff” benefits, such as attracting suppliers, generating tourism/travel activity, high prestige, or a large expansion initiative
- Capital investment, relative to the number of jobs
- Responds to a special local economic event, such as replacing recent lay-offs
- Inter‐state competitive factors
Colorado FIRST / Existing Industry Customized Job Training
Colorado’s job training programs invests in its labor force and incentivizes business growth in Colorado by providing grants to companies that are locating or expanding in Colorado. By paying costs associated with job training, the programs increase transferable job skills that support both the company’s competitiveness and enhance worker’s resumes and long-term employment opportunities.
Hub Zone: The Historically Underutilized Business Zones (HUBZone) program helps small businesses in urban and rural communities gain preferential access to federal procurement opportunities and government contracts. Much of the commercial and industrial areas of Grand Junction are a HUBZone.
Financing Opportunities: Various methods of financing are available for new and expanding businesses. Please contact GJEP at (970) 245-4332 for more information.