The Business Funding & Incentives Division of the Colorado Office of Economic Development & International Trade (OEDIT) announced today that Costilla County and the town of San Luis have been designated as Rural Jump-Start Zones. 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.
RJS zones are designated to spur economic growth and job creation in economically distressed, rural counties of Colorado. In order to become RJS zones, Costilla County passed a resolution in support of the designation on January 5, 2023 and the town of San Luis passed a resolution in support on January 10, 2023. The Colorado Economic Development Commission (EDC) approved the application on January 19, 2023.
To learn more about the Rural Jump-Start program, please contact Morgan Vankat at morgan.vankat@state.co.us.