San Luis Valley donors benefit from state tax credit
ALAMOSA – During the year-end giving season, donors have the opportunity to realize a 25 percent state income tax credit by giving to a community organization certified through the San Luis Valley Enterprise Zone Contribution Tax Credit program.
“Having the Enterprise Zone status has been vital in serving the San Luis Valley Health Foundation in its fund raising efforts,” said Kelly Gurule, director of the foundation. “The additional 25 percent tax credit has assisted us with growing our donor base and has helped us maintain donor trust and loyalty.”
Thirty-four community projects and organizations in the San Luis Valley receive financial or in-kind donations through the San Luis Valley Enterprise Zone Contribution Tax Credit program.
San Luis Valley Enterprise Zone Contribution Projects:
Adams State University Job Training
Alamosa County Revitalization
Alamosa Downtown Revitalization
Alamosa Senior Center
Astronaut Rominger Airport Improvements
Blanca Downtown Revitalization
Creede Repertory Theatre
Creede/Mineral County Information and Education Resources Center
Del Norte Commercial Development
La Puente Home Homeless Services
Mineral County Fairgrounds
Mineral County Public Health Clinic
Monte Vista Downtown Revitalization
Monte Vista Ski Hi Park
Potato Industry Promotion
Rio Grande County Museum
Rio Grande County Revitalization
Rio Grande Hospital
Saguache Downtown Revitalization
San Luis Valley Housing Coalition
San Luis Valley Food & Farm Incubator
San Luis Valley Regional Airport Improvements
San Luis Valley SBDC
Sangre de Cristo National Heritage Area
SLV Health Foundation
SLV Health – Conejos County Hospital
SLV Zone Marketing/Administration (San Luis Valley Development Resources Group)
Society Hall Foundation
TSJC Valley Campus Job Training
Tu Casa Domestic Violence Victims Shelter
Valley-Wide Health, Inc.
Ventero Open Press
“The Enterprise Zone tax credit program is a fantastic, valuable resource and the primary reason that La Puente can provide service to over 16,000 people with less than nine percent government funding,” said Lance Cheslock, executive director of La Puente, a nonprofit organization that serves the Valley by providing food, shelter, and advocacy for the homeless and community.
And financial support is not the only way the tax program benefits La Puente, according to Cheslock. “The Enterprise Zone inspires donors to give more than they would otherwise,” he said. “It engages many donors into learning more about our programs and that results in their volunteering over 72,000 hours – a state high. These donors are able to hold us accountable to doing our jobs. It’s natural, government-free accountability. It is a win-win for community donors and state government.”
To date, cash contributions made to enterprise zone projects in 2017 total over $1.25 million. This total represents 834 individual contributions. A flurry of year-end donations is expected between now and Jan. 1 and should boost the number and total amount of contributions.
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.
Other tax credits available through the enterprise zone are the Job Training Tax Credit; the New Business Facility Tax Credit, which includes credits for new jobs created, an additional credit for new jobs created by ag processors, and an additional credit for health insurance for each new job; the R&D Increase Tax Credit; the Vacant Building Rehabilitation Tax Credit; and the Manufacturing and Mining Sales and Use Tax.
More information on the San Luis Valley Enterprise Zone is available by calling the zone administrator, Kevin Wilkins, at (719) 589-6099; e-mail [email protected].
Those interested in taking advantage of the tax credits available through the San Luis Valley Enterprise Zone should speak with their accountant. Eligible investments and contributions must be made before January 1, 2018 to qualify for the credit in the 2017 tax year.
For information about Colorado’s Enterprise Zone program, go online to www.slvdrg.org/slv-enterprise-zone/ on the web site for San Luis Valley Development Resources Group.
Caption: SLV Health is one of 34 organizations in the Valley that benefits from the San Luis Valley Enterprise Zone Contribution Tax Credit program. Courtesy photo