Colorado § 24-46-105.7 - Performance-based incentive for new job creation - new jobs incentives cash fund.

§ 24-46-105.7. Performance-based incentive for new job creation - new jobs incentives cash fund.

(1) (Deleted by amendment, L. 2008, p. 943, § 1, effective August 5, 2008.)

(2) On or after January 1, 2006, but prior to January 1, 2011, any employer that satisfies the criteria that the commission has established for an employer to qualify for a grant or a loan from the commission pursuant to section 24-46-105 (2.5) may be eligible to receive a performance-based incentive from the commission from the moneys in the new jobs incentives cash fund created in this section.

(3) An employer that qualifies to receive a performance-based incentive for new jobs created pursuant to this section and that qualifies for an income tax credit pursuant to section 39-30-105.1, shall be allowed to receive the incentive allowed pursuant to this section and claim the credit allowed pursuant to section 39-30-105.1.

(4) (a) and (b) (Deleted by amendment, L. 2008, p. 943, § 1, effective August 5, 2008.)

(c) The commission shall develop procedures for the administration of this section, including establishing a procedure for employers to apply for performance-based incentives and for the commission to issue payment of the incentives.

(5) On or before March 1, 2007, and on or before March 1 of each year thereafter, the commission shall report to the business affairs and labor committee of the house of representatives and the business affairs, labor, and technology committee of the senate, or any successor committees, regarding the performance-based incentives awarded pursuant to this section. The report shall include but need not be limited to the number of employers that received the performance-based incentive pursuant to this section and the total amount of all incentives received during the most recent fiscal year for which such information is available.

(6) The total amount of performance-based incentives that the commission issues pursuant to this section in any fiscal year shall not exceed the amount appropriated to the commission to be used for the purposes of this section in the applicable fiscal year. The commission shall issue incentives to applicants at the commission's discretion until the amount appropriated has been expended.

(7) (a) The commission shall not allow any employer that has been approved to receive a performance-based incentive for the creation of new jobs prior to June 5, 2006, to claim an incentive pursuant to this section for the same jobs for which the previous incentive was approved.

(b) (Deleted by amendment, L. 2008, p. 943, § 1, effective August 5, 2008.)

(8) Of the total amount appropriated by the general assembly to the commission to be used for the purposes of this section, an amount equal to fifteen percent of the amount appropriated shall be used by the commission to award performance-based incentives pursuant to this section to employers who open a new business or expand or relocate an existing business and create new jobs in an enterprise zone that is not within the boundaries of the counties of Denver, Boulder, Douglas, Arapahoe, Jefferson, or Broomfield.

(9) (a) There is hereby created in the state treasury the new jobs incentives cash fund, referred to in this section as the "fund". The fund shall consist of:

(I) Money transferred to the fund in accordance with section 44-30-701 (2); and

(II) Any moneys appropriated to the fund by the general assembly.

(b) The moneys in the fund shall be annually appropriated by the general assembly for the purposes of this section. All moneys not expended or encumbered, and all interest earned on the investment or deposit of moneys in the fund, shall remain in the fund and shall not revert to the general fund at the end of any fiscal year. Any moneys not expended or encumbered from any appropriation at the end of any fiscal year shall remain available for expenditure in the next fiscal year without further appropriation.

Source: L. 2006: Entire section added, p. 1680, § 1, effective June 5; (9) added, p. 1667, § 9, effective June 5. L. 2008: (9)(b) amended, p. 33, § 1, effective March 13; (1), (2), (3), (4), (5), (6), and (7)(b) amended, p. 943, § 1, effective August 5. L. 2010: (9)(a)(I) amended, (HB 10-1339), ch. 136, p. 457, § 4, effective April 15. L. 2011: (9)(a)(I) amended, (SB 11-159), ch. 54, p. 143, § 4, effective March 25. L. 2018: (9)(a)(I) amended, (SB 18-034), ch. 14, p. 246, § 33, effective October 1. L. 2020: (3) amended, (HB 20-1166), ch. 103, p. 394, § 1, effective April 1.