Tuesday, September 13, 2016

Local businesses approved for Business Personal Property Tax payment incentives

Mesa County’s Business Personal Property Tax (BPPT) incentive program is designed to spur economic growth by creating a tax-friendly environment for new and existing businesses that qualify under state law.

The provisions of C.R.S. 30-11-123 authorizes counties to reimburse a company up to 100 percent of the county's share of BPPT revenue on newly-acquired equipment (not replacement) for up to a decade. The Board of Mesa County Commissioners was able to approve rebates to Lewis Engineering Inc., Reynolds Polymer Technology Inc. and Edgewater Brewery, and approve a tax incentive agreement with Powderhorn Ski Company LLC. 

Altogether, these companies employ almost 300 people and have each invested at least $1,000,000 in new equipment within their business. Some of the companies even ship their products worldwide.

The Grand Junction Chamber of Commerce processed the expanding businesses’ applications to ensure applicants meet the requirements outlined by C.R.S. 39-30-105(7)(c)(III)(A) before recommending that the Board of Mesa County Commissioners approve the tax incentive payments agreements.

The tax incentive program is a means to stimulate investment and economic development in Mesa County without affecting the current tax base.

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