July 2nd Public Hearing for Proposed Economic Development Business Personal Property Tax Incentive

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PUBLIC NOTICE

 

The Costilla County Board of Commissioners will convene a Public Hearing to receive comments on a proposed Economic Development Personal Property Tax Incentive Policy for new and expanding businesses.  The hearing will be held at the regular Board of County Commissioners meeting on Tuesday July 2, 2024 at 10:00 a.m.

 

The meeting will be accessible via Zoom at: 

Connect Via Computer - https://zoom.us/j/97771304997

Connect Via Phone – Dial # - 719-359-4580

Meeting ID:  977 7130 4997

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ECONOMIC DEVELOPMENT PERSONAL PROPERTY TAX INCENTIVE POLICY FOR COSTILLA COUNTY

 

C.R.S. 30-11-123 authorizes the County to provide an incentive payment or credit to any taxpayer who establishes a qualifying new or expanded business facility for personal property taxes.

 

Notwithstanding any law to the contrary, any county may negotiate for an incentive payment or credit with any taxpayer who establishes or expands a business facility, as defined in section 39-30-105.1(6)(b), in the county. In no instance may any negotiation result in an annual incentive payment or credit that is greater than the amount of the taxes levied by the county upon the taxable personal property located at or within the business facility and used in connection with the operation of the business facility for the current property tax year.

 

A. Costilla County supports the development of a sustainable, self-reliant local economy that meets present needs while addressing possible needs of future generations. Achieving this goal will deliver the following benefits: 

1. Availability of productive, rewarding job opportunities for residents of Costilla County.

2. Preservation and enhancement of a diversified, vital local economy. 

3. Stabilization of economic cycles. 

4. Generation of adequate public and private resources to support essential services and infrastructure for County residents. 

 

B. Such economic development would support existing businesses and retain existing employment, as well as foster new employment opportunities for Costilla County. 

 

C. The Costilla County Board of Commissioners has the ability to offer business incentives that help to achieve its economic development goals. According to Colorado State Statute, the Costilla County Board of Commissioners may negotiate corporate property tax rebates. Costilla County’s policy for qualifying companies and properties is to rebate 100% of personal property taxes for up to five years. Business Incentive proposals are evaluated on the overall economic impact to Costilla County-including the amount of capital investment, employment growth, and wage levels for jobs being created.  A business that is proposing to establish a new business that already exists in the county and would directly compete with an established business will not be eligible for the personal property tax incentive.

 

"Qualified Property" means any taxable personal property that is (i) directly attributable to the establishment/expansion of the Facility, (ii) located at or within the Facility, (iii) used by the Company in connection with the operation of the Facility during the applicable Property Tax Year, and (iv) included on the personal property declaration schedule submitted by the Company to the Costilla County Assessor.

 

Factors that influence a company’s consideration for business personal property tax rebates include: 

1. The company’s average wage at a level above the Costilla County average annual wage as reported by Colorado LMI Gateway. 

2. Capital investment of at least $75,000.

3. The creation of at least 1 new job beyond the owner’s employment.

 

4. The company falls into one of the State of Colorado’s 14 Key Industries. 

Advanced Manufacturing

Financial Services 

Aerospace 

Food & Agriculture 

Bioscience 

Health & Wellness 

Creative Industries 

Infrastructure Engineering 

Defense & Homeland Security 

Technology & Information 

Electronics 

Tourism & Outdoor Recreation 

Energy and Natural Resources 

Transportation & Logistics 

 

5. The company is in active negotiation stages of a relocation or expansion process. 

6. The company is aligned with the environmental values of the Costilla County Board of Commissioners. 

 

All incentives are considered on a case by case basis; however, the aforementioned factors will play a critical role in the Costilla County Board of Commissioners’ decision. Incentives will only be considered prior to a company making a final site location decision.

 

D. Costilla County will work with regional economic development organizations and municipal partners to bring any other relevant economic development assistance to the company’s attention.

 

Costilla County is committed to partnerships that meet the needs of the current and future Costilla County citizens.

 

Click here to download the proposed policy