Game-changing support to reach your goals.
With lower costs, a skilled and motivated workforce, and an attractive pro-business climate, Craig is a great value for business and industry. Rapid permitting and lower tap and permitting fees are helping startups move faster and more productively. And now Craig’s abundantly stocked tool kit of incentives has been expanded extensively as Colorado supports the city’s transition from legacy extractive industry. Today, we’re ready to dig deep to create powerfully customized support for your enterprise, with tools like:
Just Transition Rural Jump Start Zone: Up to $5,000 for qualified projects.
As a designated Rural Jump Start zone in transition, Craig can offer qualified new businesses tax abatement of a portion of income and sales and use taxes, as well as 100% of personal property tax, and 100% of state income taxes for employees. Businesses can receive a matching grant of up to $40,000 as a newly established business and up to $5,000 per New Hire.
Enhanced Enterprise Zone: Up to an additional $2,000 for qualified projects.
For qualified businesses, Colorado’s Enterprise Zone program provides state income tax credits and tax exemptions for specified investments. As an enhanced Enterprise Zone, Craig can offer an additional $2,000 tax credit per each new job created, and a $500 tax credit per each new job created for an agricultural processing operation.
Opportunity Zone: Opportunity strengthened and enhanced.
Created by the federal Tax Cuts and Jobs Act of 2017, Opportunity Zones have been a win-win for taxpayers and for businesses, providing capital investment for development through Qualified Opportunity Zone Funds; taxpayers can receive significant tax advantages by contributing to a Qualified Fund. Colorado has made this valuable program even more effective through carefully designed support that includes the Opportunity Zone Capital Accelerator program, which offers free consulting services for businesses seeking OZ investment. The state also connects investors and projects through Colorado’s Investment Database.
Tax Increment Financing (TIF): Improving the community through business growth.
Available through the Craig Urban Renewal Authority (CURA), tax increment financing is opening critical opportunities for redevelopment of downtown Craig, spurring vital business growth as well as vibrant community improvement. .
Brownfields Assessment Grant: Assessing and envisioning possibilities.
The EPA awarded the City of Craig a $300,000 Brownfields Assessment grant in the Spring of 2021. In addition to supporting the inventory and assessment of sites for environmental issues, funds were used to maximize redevelopment opportunities through a variety of means, including the identification of redevelopment sites and 3D visualization to generate insight into possible opportunities. The grant was officially completed in December of 2023. The results of the grant can be seen in the final report here. The City of Craig will submit a second EPA Brownfields Assessment grant in November of 2024 in the amount of $500,000. Award notifications will be released in the Spring of 2025.
Location Neutral Employment Program: Rewards for remote work.
As Craig attracts an ever-increasing number of remote workers, drawn by inviting natural landscapes and high quality of life, the state of Colorado is facilitating that migration with incentives for companies that establish their base location in one of the state’s urban areas while allowing employees to work in rural locations like Craig.
Through the Office of Economic Development and International Trade, the state of Colorado offers more than 100 different funding programs and opportunities. To find out if your business qualifies, click here.
