CO HB1241

Creates an Enterprise Zone Review Task Force with 15 members including zone administrators, business owners, economic development professionals, and state officials to review enterprise zone criteria and tax credit effectiveness, with members appointed by July 1, 2012 and task force to report by November 1, 2013.

Expands population thresholds for enterprise zone designation from 115,000 to 150,000 persons in rural areas and changes data source from "department of labor and employment" to "United States Census Bureau or the Department of Local Affairs."

Requires the Colorado Office of Economic Development and Economic Development Commission to review all enterprise zone designations at least once every five years beginning January 1, 2016, and prohibits modifications during high unemployment periods (when seasonally adjusted U-3 unemployment rate equals or exceeds 8 percent).

Requires zone administrators to submit annual documentation with specific, verifiable data measuring whether zones achieve their economic development objectives, including statistics on companies claiming enterprise zone tax credits.

Repeals the Enterprise Zone Review Task Force effective July 1, 2014, subject to sunset review provisions under Colorado's advisory committee review statute.