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Legislative Year: 2024 Change

Bill Detail: HB24-1001

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Title Reauthorization of Rural Jump-Start Program
Status Sent to the Governor (05/10/2024)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors R. Taggart (R)
M. Lukens (D)
Senate Sponsors D. Roberts (D)
C. Simpson (R)
House Committee Business Affairs and Labor
Senate Committee Business, Labor and Technology
Date Introduced 01/10/2024

Currently, the rural jump-start zone grant program (grant program)
terminates on July 1, 2024, and all grant money in the rural jump-start
zone grant fund account (account) reverts to the general fund on June 30,
2024. The bill continues the grant program until July 1, 2026, and the
grant money in the account reverts to the general fund on June 30, 2026.
The bill changes the total allowable administrative cost of the grant
program from $100,000 per fiscal year to $300,000 total for the sum of
all fiscal years that the grant program is in effect.
The new business income tax credit and the new hire income tax
credit, which are benefits under the grant program, currently expire on
January 1, 2026. The bill extends the tax credits for 5 years, until January
1, 2031.
The bill prohibits the Colorado economic development
commission (commission) from approving more than 3 rural jump-start
zones in counties with populations of less than 100,000 in any year. The
number of credit certificates that the commission may issue in each
approved rural jump-start zone in one income tax year for all new hires
employed by all new businesses that are in one of the 14 industries that
the commission targets for economic development in the state is increased
from 300 to 500.

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with Amendments
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