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Space to Create program approved for state tax credits

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On April 19, the Town of Paonia received approval from the Colorado Economic Development Commission for Enterprise Zone Contribution Tax Credits for the Space to Create Initiative.

The Colorado Enterprise Zone (EZ) program is designed to promote a business-friendly environment in economically distressed areas by offering state income tax credits that incentivize businesses to locate and develop in, and nonprofit organizations to assist with the needs of these communities.

The Town of Paonia worked with Region 10 and the EZ administrator on the proposal for Space to Create. Space to Create qualified because it meets the economic development needs, will result in job creation/retention and business expansion, and has the support of the community.

What does this mean to the public? According to the Enterprise Zone Contribution Tax Credit overview and policies, "Donors having made a certified contribution to an Enterprise Zone Contribution Project may claim 25 percent of a cash donation as an income tax credit, and half of that amount (12.5 percent) for an in-kind donation. The actual credit earned is figured based on all eligible contributions during the tax year, and capped at $100,000 per tax-payer with the balance carried forward up to five years."

Space to Create Colorado is an unprecedented, state-driven initiative that involves multiple organizations collaborating to provide affordable work/live spaces for creative sector entrepreneurs and artists in rural, small town and mountain communities in the state. Led by Colorado Creative Industries (CCI) in the Governor's Office of Economic Development and International Trade in partnership with Artspace, the Boettcher Foundation, Colorado Department of Local Affairs (DOLA), and History Colorado, this effort assists Colorado communities in accessing state, federal, and local government resources, and includes private sector and philanthropic support (https://coloradocreativeindustries.org/opportunities/space-to-create/). In September 2017, the Town of Paonia, in partnership with the North Fork Valley Creative Coalition, was the third Colorado community to be selected to the Space to Create program through a competitive process.

For more information contact the Space to Create team at Town of Paonia at s2c@townofpaonia.com or go to http://northforkcreative.org/space-to-create/.

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Paonia, Space to Create
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