CO HB1366

Expands the Colorado Job Growth Incentive Tax Credit to include businesses entering qualified partnerships with state institutions of higher education, junior colleges, or area vocational schools.

Defines "qualified partnership" as an agreement between a taxpayer and a higher education institution that aligns with the institution's academic mission, benefits the community and local economy, and allows use of the institution's intellectual property, academic expertise, or specialized equipment.

Reduces job growth requirement from 20 to 5 new jobs for qualified partnerships for income tax years 2015-2017, with average yearly wages at 100 percent of statewide average, and requires projects to be located on or within one mile of the institution's campus.

Eliminates requirements for qualified partnerships to demonstrate cost differentials compared to competing states and to prove the tax credit is a major factor in locating the project.

Appropriates $94,251 to the Office of the Governor for 1.0 FTE for global business development and $36,000 to the Department of Revenue for tax system maintenance, both for fiscal year 2015-16.