Fruita Development Incentives

A complete list of EZ credits that are available along with the statute and FYI links can be found at http://www.advancecolorado.com/funding-incentives/incentives/enterprise-zone-tax-credits

City of Fruita Incentives through the Enterprise Zone

• To promote the creation and retention of jobs which provide employment opportunities for citizens of Fruita.

• To support diversification of the local economy.

• To encourage the development of industrial land and properties to promote the growth of business.

• To support the long-term economic vitality of existing centers of commercial activity.

• To encourage continued investment in new and/or expanding agricultural enterprise.

• To enhance the aspects of quality of life in Fruita which are integral to a vibrant business climate through support of the arts, education, transportation, healthcare, affordable housing, and cultural and recreational programs. Fruita relies on recommendations from this Committee to make decisions regarding the Zone. Fruita has contracted with the Business Incubator Center to administer the program.

The Colorado State Legislature has established a number of tax credits to benefit Fruita Enterprise Zone investors, but one of the most beneficial is a 25% state income tax credit for private contributions to an Enterprise Zone contribution project. If you choose to make a cash donation to one or more of the approved Enterprise Zone contribution projects for their approved project purpose, you may be eligible to receive 25% of that amount as a credit against your state tax liability. The contribution also may be eligible to be itemized on your federal tax return. Many Fruita Enterprise Zone projects are approved to accept donations of cash and non-cash items. Gifts of property, stocks or other in-kind donations may qualify for state tax credits, but non cash contributions are limited to a 12.5% credit. Taxpayer Benefits As a Colorado taxpayer, the enterprise zone community contribution credit benefits you in several ways:

• It decreases the amount of Colorado State taxes you owe.

• It gives you an opportunity to invest in your community.

• It lets you direct the use of your dollars in ways that have more immediate and personal meaning for you and your family.

Community Benefits
Historically, communities such as ours have depended on state and federal government and private foundations for assistance with community development projects. Unfortunately, as time passes, available resources cannot keep up with increasing demands, and it becomes more and more difficult for smaller communities to make needed improvements. A contribution to an approved Fruita Enterprise Zone contribution project, however, offers several benefits for communities:

• It represents an additional source of funds.

• It can be received at any time during the year.

• It comes from a donor who has a personal interest in the project.

• It triggers other investment in the community, thus helping to stabilize the local economy