Efforts to improve Crestone’s economy received a boost with recent approval by the Colorado Economic Development Commission of Crestone Revitalization as a certified San Luis Valley Enterprise Zone Contribution Project. With the state designation comes the ability for contributors to the project to receive a state income tax credit worth 25% of their contribution.
Crestone Revitalization is a locally driven initiative by the Town of Crestone to improve the downtown district by beautification, pedestrian pathways, safer intersections and access and landscaping. Additionally, a goal of the Crestone Revitalization project is to attract customers and new complementary business to Crestone. The town will be working with residents to understand the potential impacts of being part of the Enterprise Zone.
The income tax credit, called an Enterprise Zone Contribution Tax Credit, is part of the San Luis Valley Enterprise Zone program, which is one of 16 enterprise zones in Colorado.
“The Enterprise Zone program has proven to be the best incentive tool that the six counties and 18 communities of the San Luis Valley have to support the retention, expansion, attraction and creation of jobs,” said Michael Wisdom, executive director of the San Luis Valley Development Resources Group.
Enterprise zones are designed to encourage job creation and business investment in regions of the state with high unemployment, low income and slow population growth. Businesses in the designated zones can take advantage of a slate of tax credits as incentives to invest and improve their operations. All six counties of the San Luis Valley—Alamosa, Conejos, Costilla, Mineral, Rio Grande, Saguache—and 18 communities are within the San Luis Valley Enterprise Zone, meaning any business located in the region is eligible for the available tax credits.
In 2012, businesses and individuals contributed over $2.2 million to qualified non-profit projects in the San Luis Valley through the Enterprise Zone Contribution program. Some of the projects that received contributions through the program include Adams State University Foundation, Creede Repertory Theatre, Valley-Wide Health Systems, and La Puente Homeless Shelter.
To learn more about Crestone Revitalization, or make a contribution to the project, contact the Town of Crestone at 719-256-4313, or by e-mail at firstname.lastname@example.org.