Enterprise Zone Contribution Projects
To encourage Colorado taxpayers to make contributions to non-profits that make improvements to the Pikes Peak Enterprise Zone, a State Income Tax Credit equal to 25% of monetary contributions is available. In addition, if the donation and recipient are eligible under federal rules, the federal charitable contribution deduction can be taken. No credits are allowed for contributions that directly benefit the contributor. The goal of Enterprise Zone projects is to create or preserve an environment that will help attract, expand or retain employers in the Enterprise Zone.
The following project categories are eligible:
Capital Campaign Projects:
Community Facility
Workforce Housing
Tourist Attraction
Infrastructure
Operations Projects:
Business Assistance
Economic Development Organizations
Job Training Programs
Visitor Event/Attraction
Healthcare
Homeless Support
The Colorado Economic Development Commission and the El Paso County Enterprise Zone Administrator have approved the following list of projects that assist in “implementing the economic development plan” of the Enterprise Zone. Both businesses and individuals can take advantage of the tax credit.