“It’s the first time the transferable tax credit and waiver of certification has been used,” said Jeff Kraft, the state’s director of business funding and incentives. The company also is seeking to take advantage of a change in state law that allows companies to transfer state tax-credit awards, an option helpful to companies that do not make enough income to take advantage of those credits. Project 5000 sought a higher level of secrecy and did not disclose the specific county it is considering.
The plant would hire 205 workers earning an average annual wage of $74,450, which made Project 5000 eligible for $2.8 million in job-growth incentive tax credits that were also approved. The company received approval for $14.25 million in enterprise-zone tax credits, which are available in the most economically distressed areas of the state. Project 5000, the code name given to a Colorado-based holding company that is more than 100 years old, wants to build a $500 million manufacturing plant it needs to launch a new product line. The Colorado Economic Development Commission awarded Project Clear Skies $3.5 million from the state’s Strategic Fund, an amount local governments will need to match, in order to sway a decision in Colorado’s favor.
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