HB 24-1001 Summary

• Extends the Rural Jump-Start Zone program authorization from January 1, 2026 to January 1, 2031, allowing new businesses in designated rural zones to continue receiving tax credits.

• Increases the Colorado Office of Economic Development's annual administrative cost limit from $100,000 to $300,000 per fiscal year and extends the grant fund account repeal date from June 30, 2024 to June 30, 2025.

• Reduces the minimum new hire requirement from five to three employees in counties with populations under 100,000, making the program more accessible to rural businesses in smaller counties.

• Increases the maximum tax credit certificates from 200 to 600 per income tax year per rural jump-start zone if the new business operates in one of fourteen targeted economic development industries.

• Appropriates $873,304 for the 2024-25 fiscal year to the Office of the Governor for economic development programs, including 1.5 additional FTE positions.