SB21-229 Summary

• Creates a rural jump-start zone grant program to provide cash grants to new businesses in rural Colorado and coal transition communities in addition to existing tax benefits.

• Establishes "tier one transition communities" as coal transition areas within rural jump-start zones experiencing economic disruption from coal plant closures or declining coal markets.

• Authorizes grants up to $20,000 for business establishment ($40,000 in tier one communities) and up to $2,500 per new hire ($5,000 per hire in tier one communities).

• Allows grants up to $30,000 to state institutions of higher education and economic development organizations collaborating with new businesses to support workforce development and applied research.

• Appropriates $3,000,000 for the 2021-22 fiscal year to the rural jump-start zone grant fund account, with program authority repealing July 1, 2024.