Colorado EDC approves tax credit designation for local organizations

LONGMONT — Four organizations in Boulder County have received a state designation that gives organizations and individuals a tax credit for making cash and in-kind service contributions to them.

The organizations receiving the designation are the Longmont Economic Development Partnership, TinkerMill and OUR Center in Longmont, and the city of Lafayette for a project specific to marketing and promoting the Enterprise Zone program within that community.

Contributors to these organizations can earn a 25 percent tax credit on cash contributions or 12.5 percent on the value of in-kind contributions.

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The Colorado Economic Development Commission on Friday approved the designation for the organizations that are in the newly created North Metro Enterprise Zone, which covers portions of Broomfield, Lafayette and Longmont.

Jessica Erickson, president of the Longmont EPD and administrator for the North Metro Enterprise Zone, said she hopes the tax credits will encourage individuals and organizations who may not have considered contributions to these organizations in the past to do so. She said these organizations are critical to economic development within the designated EZ area.

Project proposals had to show how the organization or project contributes to economic or community development, or homeless assistance within the designated EZ area.

EZ Contribution Project proposals are reviewed by the Colorado Economic Development Partnership four times per year. Nonprofit organizations or local government entities interested in learning more about EZ Contribution Project designation, and whether they qualify, should email the North Metro EZ administrator at ezadmin@longmont.org.