Corporate Personal Property Tax Rebate
This program allows local counties to negotiate personal property tax rebates with companies that are considering establishing or expanding operations in Jefferson County. Jefferson County Economic Development Corporation (Jeffco EDC) facilitates requests for program applicants in Jefferson County on behalf of the county.
To qualify for a rebate, the project must fall in to one of the following categories:
- New Business Facility–a newly acquired, constructed, or leased facility used to operate a revenue-producing enterprise.
- Qualified Replacement Facility–a facility in which a business has invested at least $3 million or 300 percent of the investment in the old facility.
- Qualified Expansion Facility–expansion qualifies under "new business facility," and the facility isn't a "replacement facility" and the business has invested at least $1 million of 100 percent of the investment in the old facility.
Calculating Rebate Amount
Industrial and commercial property is assessed for property tax purposes at 29% of market value. Jefferson County's mill levy is 24.212 mills. Because of the various special and school districts and incorporated cities and towns, total mill levies can vary. The average total mill levy in Jefferson County is about 99.459 mills. However, the rebate only applies to the mill levy portion collected by the negotiating entity.
Jefferson County Enterprise Zone Program
The Enterprise Zone is intended to assist with revitalization efforts in blighted areas throughout the state. Companies located within an established Jefferson County Enterprise Zone are eligible for various state income tax credits.
- Investment tax credit (3%)
- New jobs tax credit ($1,100/new employee)
- Employer-sponsored health insurance plan ($1,000/employee for two years)
- R&D tax credit (3 percent of increased expenditure)
- Job training tax credit (12%)
- Tax credit for rehabilitation of vacant commercial buildings (25%)
Private Activity Bonds
Manufacturers can apply for tax-exempt industrial development bonds allocated to the County to help finance construction of relocation and/or expansion projects under $10 million. Bond allocations can be used for the following: building, equipment, land, project "soft" costs (architects, engineers, attorneys, etc), landscaping, fixtures and furnishings, and cost to issue bonds. There is an application fee for the program.
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