HB13-1142 Summary

• Changes enterprise zone review frequency from once every five years to once every ten years, beginning January 1, 2014, and requires the director and commission to revisit modifications after high unemployment periods end.

• Establishes a $750,000 annual cap on enterprise zone investment tax credits for tax years beginning January 1, 2014, with a waiver process requiring Colorado Economic Development Commission approval based on demonstrated economic impact.

• Increases the per-employee tax credit for new business facility employees from $500 to $1,100 per year for tax years commencing January 1, 2014 and later.

• Increases the health insurance credit for new business facility employees from $200 to $1,000 for the first two years of employment in an enterprise zone for tax years beginning January 1, 2014 and later.

• Requires only businesses legal under both state and federal law to be eligible for enterprise zone tax credits, effective January 1, 2014, and mandates annual public posting of enterprise zone investment tax credit information by the Colorado Economic Development Commission.