Enterprise zone includes Westside
Editor's note: DeAnne McCann of the El Paso County Financial Services Department's Economic Development Division submitted the following
Westside businesses located between Pikes Peak Avenue and Cimarron Street from I-25 to 30th Street are within the boundaries of the El Paso County Enterprise Zone and, as a result, eligible for state income tax credits that will reduce tax liability. The state established such zones to encourage businesses to locate and expand in areas to increase employment opportunities. Much of Old Colorado City was part of the original El Paso County Enterprise Zone, established in 1990.
Businesses, including shops and restaurants, located in the zone may qualify for a variety of different tax credits to spur job creation and investment. The most common of these, the Investment Tax Credit, gives back 3 percent of a business' equipment investment. Machinery, furniture and appliances are examples of the type of equipment eligible for the credit.
Credits are also available for certain research and development activity, job training, and rehabilitation of vacant buildings that are at least 20 years old and have been vacant for at least two years.
These credits are not just a deduction but an actual reduction of tax liability. Many can be carried forward to future years and some can be carried back. More information about the Zone is available at the County's website at adm.elpasoco.com/econdev/EZone.asp or by calling the County's Economic Development Division at 520-6481.
The State's website, www.state.co.us/oed/enterprise-zone/index.cfm, is also an excellent source of information.
Westside Pioneer/press release