The Business Funding & Incentives Division of the Colorado Office of Economic Development & International Trade (OEDIT) announced today that Morgan County has been designated as a Rural Jump-Start Zone. This designation is intended to encourage economic development and job creation by offering new businesses or businesses that move to these zones significant financial benefits.
Through the Rural Jump-Start (RJS) program, businesses that start in or move to RJS zones can qualify for relief from the state business income tax, the sales and use tax, and county/municipal business personal property taxes. Qualified employees also receive relief from their state personal income tax. In addition, businesses are eligible for a general operating grant of up to $20,000 and up to $2,500 per qualified new hire. These grants are intended to support regional economic and workforce development activities that expand local business, create new good-paying jobs, and create more diversified and strong local economies. Businesses located in Colorado communities transitioning away from the coal industry, such as Morgan County, can qualify for additional funding: up to $40,000 in a general operating grant and $5,000 per qualified new hire.
RJS zones are designated to spur economic growth and job creation in economically distressed, rural counties of Colorado. In order to become RJS zones, Morgan County passed a resolution in support of the designation on January 17, 2023. The Colorado Economic Development Commission (EDC) approved the application on February 16, 2023.
To learn more about the Rural Jump-Start program, please contact Morgan Vankat at firstname.lastname@example.org.