Last week, FHE USA LLC was approved for the Rural Jump-Start Tax Credit program, which allows the company to operate virtually tax free in the State of Colorado for up to eight years: no sales taxes, property taxes, business taxes or corporate taxes, and no state income taxes for employees for up to eight years. The tax credit is awarded to businesses that bring a new product, service or technology to Colorado, and is open to both local companies and out-of-state businesses looking to expand into Colorado.
FHE USA LLC (FHE) designs, engineers, assembles and services pressure control equipment for the oil and gas industry. It was awarded the tax credit for its latest innovation, the FracLock System, a combination of new technologies that makes well operations exponentially safer and more efficient with a lower cost of operations.
FHE has recently added locations in Oklahoma, Ohio, and Abu Dhabi. With the tax credit, it plans to expand its headquarters in Fruita, Colorado, and add around 30 employees. This year, FHE doubled its footprint in Fruita by adding a second building to increase production and manufacturing efficiency of new products.
Operations like FHE have been expanding in Fruita and other parts of Mesa County – especially the county seat, Grand Junction – because Jump-Start was kickstarted here at Colorado Mesa University. The higher education institution brought the idea for Jump-Start to local leadership, including at the Grand Junction Economic Partnership, and together they took the idea to the state capitol in 2015. The program was piloted in Mesa County and since then 16 businesses (of which 15 operate in Mesa County) have been able to benefit from the tax credit.
Are you interested to learn more about the Rural Jump-Start Tax Credit program in Mesa County? Visit jumpstartmesaco.com – or call (970) 245 4332 today.