Relocate to Longmont located in Boulder County and you will find a variety of incentive programs, training programs and other benefits at your doorstep. From new construction incentives to training programs, a move to Longmont will benefit your business.
CITY OF LONGMONT INCENTIVES
Development Fee Rebates
This program enables new and expanding primary employers to receive a rebate of permit fees and City sales taxes collected in association with the construction of new space or buildings. Fees eligible for rebate include: building permit/plan review and City sales tax (2% which is the unrestricted portion of the total sales tax). The fees/taxes are paid at the time a building permit is issued and are rebated to the employer when a certificate of occupancy is issued.
Personal Property Tax Rebates
This program allows a 50% rebate for each of four years, of the City’s portion of personal property taxes for new and expanding primary employers.
Primary employers may choose between the Development Fee Rebate or the Personal Property Tax Rebate programs. Incentives may not be granted from both programs.
R&D Sales and Use Taxes
New businesses are exempt from paying the City 2.0% (non-earmarked) sales and use tax on the purchase and use of measurement and inspection equipment or research and development equipment for the first two years. Employers can apply for an additional three years of sales and use tax rebates at any time during the life of the employer in Longmont, as long as it meets the FTE job creation and salary requirements of the program.
Exempts the employer from paying the City 2.0% (non-earmarked) sales and use tax on the purchase and use of machinery and machine tools with a cost in excess of $1,000 to be directly used in Longmont.
The City of Longmont Planning Department offers an expedited process for primary employer projects doing tenant improvements or new building construction.
STATE OF COLORADO INCENTIVES
Job Growth Tax Incentive.
The performance-based Job Growth Incentive Tax Credit provides a state income tax credit to businesses undertaking job creation projects that would not occur in Colorado without this program. Businesses need to create at least 20 new jobs in Colorado, with an average yearly wage of at least 100% of the county average wage rate based on where the business is located. A business located in an Enhanced Rural Enterprise Zone has to create at least five new jobs in Colorado, with an average yearly wage of at least 100% of the county average wage. All new jobs must be maintained for at least one year after the positions are hired to qualify. Learn more
Strategic Fund Incentive.
The Strategic Fund Incentive program supports and encourages new business development, business expansions and relocations that have generated new jobs throughout the state. In some cases, the Strategic Fund may also be able to provide support for initiatives led by non-profit entities pertaining to key industries or regional development. A business may receive funding if it proposes to create new jobs in Colorado that are maintained for at least one year. A business must also meet the requirements below:
Strong level of local matching commitments ($1:$1 requested)
Potential for economic “spinoff” benefits, such as attracting suppliers, generating tourism/travel activity, high prestige, or a large expansion initiative
Capital investment, relative to the number of jobs
Responds to a special local economic event, such as replacing recent lay-offs
Inter‐state competitive factors
Headquarters in Colorado
Other unique conditions
Additional consideration may be given to businesses that do not meet the EDC’s minimum 100% annual average wage rate requirement if additional criteria is met. Learn more
Enterprise Zone Tax Credits.
Colorado's Enterprise Zone (EZ) program provides tax incentives to encourage businesses to locate and expand in designated economically distressed areas of the state. Private-sector business activity encouraged by these income tax incentives brings job opportunities and capital investment to economically distressed areas. The private investment results in tax revenue for school districts, cities, counties and the state, outweighing the cost of the tax credits granted. Learn more
Benefits of the EZ program to Colorado communities in fiscal year 2015 include:
Over $2 billion was invested in qualified business personal property - eligible for $61.5 million in EZ investment tax credits. As a part of the qualified business personal property investment, renewable energy investments totaled $292.7 million.
businesses trained almost 34,000 employees that work in the Enterprise Zones, earning $9.5 million in EZ job training tax credits
$1.5 million was invested in commercial vehicles operating in Enterprise Zones, incentivized by $22,772 in tax credits
3,551 new jobs were created where businesses earned incentives of $3.6 million
1,267 employees were provided employer sponsored health insurance by businesses starting out in EZs. These businesses earned tax credits worth $1.2 million
EZ businesses increased investment in Research and Development by approximately $35 million, earning EZ credits of about $1.05 million.
$2.4 million was invested in hard-costs to revitalize vacant buildings for commercial use (credits certified were $595k)
"Given the pervasiveness of enterprise zones and similar tax incentives across the nation (present in 39 states and Washington D.C.), it is imperative that Colorado maintain incentives in order to compete with other incentive‐rich states for business acquisition or retention." - Leeds School of Business
Colorado FIRST / Existing Industry Customized Training Programs
These programs increase transferable job skills that support both the company’s economic competitiveness and enhance worker's resumes and long-term employment opportunities. Learn more
Colorado FIRST grants are for companies that are relocating to or expanding in Colorado and provide funds only to net new hires. Deadline for annual applications: August
Existing Industry grants focus on providing assistance to establish Colorado companies in order to remain competitive within their industry, adapt to new technology and prevent layoffs. Deadline for annual applications: August
More information on additional State incentives are available here.