(1) The general assembly hereby finds and declares that:
While overall there are improvements to the Colorado economy, there still exists asignificant contraction of local economies in certain areas of the state;
Importantly, those areas are experiencing increased economic downturn as measuredby changes in such factors as population, employment, weekly wage, assessed value of all property, and concentration of pupils eligible for free lunch; and
Colorado's many diverse aspects are what make it such a unique and wonderful state,with varying economic sectors and regions making its strength greater than the sum of its parts. It is imperative that all sectors of the state be kept independently strong and be given the chance to improve, prosper, and contribute to the whole, from which all benefit. The general assembly is committed to reaching out to all such areas to ensure this goal is met.
(2) The general assembly further finds and declares that:
Establishing certain rural jump-start zones is best suited to bring about the economicvitality so critically needed in those regions;
Extending the "Rural Jump-start Zone Act" for another five-year period is necessaryto meet the purpose of the act, which is to create or retain jobs in order to help address the still significant contraction of local economies in certain areas of the state; and
When the state auditor evaluates the tax expenditures in the "Rural Jump-start ZoneAct" as required in section 39-21-305, the evaluation can rely on clear, relevant, and ascertainable metrics and data provided by the commission pursuant to section 39-30.5-107.
(3) The general assembly finds that, by attracting businesses that are completely new to Colorado, economic growth will occur in distressed counties without negatively impacting other areas of the state and, while certain taxes, such as business personal property taxes, will not be collected within the rural jump-start zone, the net impact of those uncollected taxes will result in a net positive impact to the state, the distressed county, and the interested municipality.
Source: L. 2015: Entire article added, (SB 15-282), ch. 186, p. 607, § 1, effective May
13. L. 2020: (2) amended, (HB 20-1003), ch. 234, p. 1130, § 1, effective September 14.
Editor's note: Section 7(2) of chapter 234 (HB 20-1003), Session Laws of Colorado 2020, provides that the act changing this section applies to applications submitted on or after September 14, 2020.