Businesses that open or expand operations in Mesa County will be eligible for tax rebates under a new policy approved by the county commissioners.
“We want to keep doing everything we can to make Mesa County more business friendly,” said County Commissioner Craig Meis. “Businesses that make a significant investment and bring new jobs to our community should be recognized and rewarded.”
The policy allows the county to negotiate a rebate in personal property taxes with businesses that meet certain qualifications. The rebates represent the latest effort in what’s been dubbed an open for business initiative designed to encourage growth.
State legislation enacted earlier this year authorizes counties to negotiate incentive agreements for businesses establishing a new facility or expanding an existing facility. Rebates will be based on the amount a business owes in personal property taxes, but can’t exceed the total amount of taxes levied on the personal property of that business.
To be eligible for rebates, a business must invest at least twice as much its original investment in the facility or a minimum of $1 million.
Expanding businesses also must increase employment by 10 percent or a minimum of one new full-time position. The terms of rebate agreements may extend for up to 10 years.
The Grand Junction Economic Partnership, a nonprofit group that promotes economic development in Mesa County, will process rebate applications from new businesses.
The Grand Junction Area Chamber of Commerce will process rebate applications from existing businesses expanding their operations.
Meis said the tax rebates go along with other efforts to streamline the county planning process and promote growth. “During these challenging times, we’re adding a new resource to the local economic development toolbox.”