Tax credit seminars
7:45 to 9:45 a.m. Friday, Moffat County Courthouse
Noon to 2 p.m. Thursday, Hayden Town Hall
- Oak Creek
5 to 7 p.m. Thursday, Oak Creek Town Hall
Steamboat Springs Yampa Valley business owners might be missing out on tax credits that could put bucks back into their bank accounts.
The state designates Moffat and Routt counties - except Steamboat Springs - as enterprise zones. The program, run through the state Office of Economic Development and International Trade, "provides tax incentives to encourage businesses to locate and expand in designated economically distressed areas of the state."
But some businesses aren't aware of the program and might not be filing for the credits they deserve, said Darcy Trask, director of the Craig/Moffat Economic Development Partnership. Several agencies, including Trask's, have joined to sponsor free seminars this week to teach businesses about the tax credits.
"Many of their accountants are very familiar with these and have been taking advantage of them on behalf of their clients for years," Trask said.
The credits include incentives for rehabilitating vacant buildings, training workers and adding jobs. Some tax benefits are better in Moffat County, Trask said, because it is designated an "enhanced" enterprise zone. For example, Moffat businesses could earn a $2,500 credit per new employee if they expand or build a new facility. In Routt County, businesses would earn $500 per worker, Trask said.
Enterprise Zone Coordinator Kevin Tilson and Aron Diaz, executive director of the Associated Governments of Northwest Colorado, will present the seminars Thursday in Hayden and Oak Creek and Friday in Craig.
The tax credits are particularly useful in trying economic times, Trask said.
"There are businesses that very likely have been eligible and were just unaware," she said. "In this particular case, you can back-file on these tax credits for up to four years, so it may be worth it to these businesses that have expanded into rural Routt County or Moffat County."
Steamboat has enough investment that it is not considered economically distressed, Trask said. Companies doing business outside town should take a look at the program, said Noreen Moore, business resource director for the Routt County Economic Development Cooperative.
Some companies "never connected the dots that they were in the enterprise zone, because they were doing business outside Steamboat proper, and there were benefits," Moore said.
Trask encouraged folks who do businesses' books to attend.
"We want to do everything we can to help them take advantage of those, and we probably want to stress the role of the accountants," Trask said. "Many of them are already taking advantage of these. We want to graciously invite accountants to attend, and some of the value for the accountants is that representatives from the state will be there to answer questions."
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