As used in this article 30.5, unless the context otherwise requires:
(1) "Colorado economic development commission" or "commission" means the Colorado economic development commission created in section 24-46-102, C.R.S.
(1.5) "Colorado office of economic development" or "office" means the Colorado office of economic development created in section 24-48.5-101.
"Credit certificate" means a statement issued by the commission certifying that thenew business or new hire qualifies for an income tax credit allowed in section 39-30.5-105. The credit certificate shall not specify the amount of the credit, but must specify that the new business or new hire is eligible for the credit.
"Department" means the department of revenue.
"Distressed county" means a county with a population of less than two hundred fiftythousand and that reflects indicators of economic distress such as:
Per capita income that is substantially below the statewide average;
Local gross domestic product or similar performance measures that are substantiallybelow the statewide average over the preceding five-year period;
Unemployment levels that are substantially above the statewide average over thepreceding five-year period;
A net loss of people of workforce age measured over the preceding five-year period,or a failure to recover from a loss over the preceding ten-year period; or
A countywide concentration of pupils eligible for free lunch pursuant to the federal"Richard B. Russell National School Lunch Act", 42 U.S.C. sec. 1751 et seq., greater than the statewide average concentration of pupils eligible for free lunch.
(4.5) "Economic development organization" means a nonprofit organization or governmental entity such as a small business development center, a business accelerator or incubator, a workforce center, a local economic developer, or other such organization or entity that promotes local economic development, but does not include the commission or the office.
"Guidelines" means the guidelines developed by the commission as specified in section 39-30.5-104 (1).
"Municipality" means a municipality as defined in section 31-1-101 (6), C.R.S., withboundaries wholly or partly within the distressed county's boundaries.
"New business" means a business that:
Is not operating in the state at the time it submits its application to a state institutionof higher education to participate in the rural jump-start zone program;
Is not moving existing jobs into the rural jump-start zone from another area in thestate;
Hires at least five new hires;
Is not substantially similar in operation to and, at the time the new business submitsits application to participate in the rural jump-start zone program, does not directly compete with the core function of a business that is operating in the rural jump-start zone in which the new business will be located and in a distressed county contiguous to the rural jump-start zone; and
Adds to the economic base and exports goods and services outside the distressedcounty.
(8) "New hire" means an individual who has performed labor or services in the rural jump-start zone for the new business for more than six months from the date hired and for which such individual receives a federal form W-2 and where the job performed by the individual:
Is either a full-time, wage-paying job or is equivalent to a full-time, wage-paying jobrequiring at least thirty-five hours per week; and
Has a salary or compensation equal to or greater than the county average annualwage.
(9) "Rural jump-start zone" means an area within the boundaries of a distressed county that is either:
In one or more incorporated portions of the distressed county if the municipalityprovides the commission with a general resolution as described in section 39-30.5-106 agreeing to provide incentive payments, exemptions, or credits to offset the imposition of business personal property tax on and, if the municipality wishes, to offset the imposition of any other municipal tax on all new businesses in order to be a participant in the rural jump-start zone program;
In one or more incorporated portions of the distressed county if the municipalityprovides the commission with a limited resolution as described in section 39-30.5-106 that indicates the municipality agrees to only provide incentive payments, exemptions, or credits to offset the imposition of business personal property tax on and, if the municipality wishes, to offset the imposition of any other municipal tax on a specific new business in order to be a limited participant in the rural jump-start zone program; or
In the unincorporated portions of the distressed county.
"Rural jump-start zone program" means the rural jump-start zone program createdin this article.
"State institution of higher education" means a state institution of higher educationas defined in section 23-18-102 (10), C.R.S., a local district college, or an area technical college that:
Has a campus located in the distressed county; or
Includes a distressed county in the community college's service area or the regionaleducation provider's service area.
Source: L. 2015: Entire article added, (SB 15-282), ch. 186, p. 608, § 1, effective May 13. L. 2016: IP(11) amended, (HB 16-1082), ch. 58, p. 153, § 45, effective August 10. L. 2020: IP and (7)(d) amended and (1.5) and (4.5) added, (HB 20-1003), ch. 234, p. 1130, § 2, 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.