Jump-Start “Tax Holiday” Extended, ProStar Receives 4 More Years
FOR IMMEDIATE RELEASE (June 25, 2020 | Grand Junction, CO) – The Grand Junction Economic Partnership (GJEP) congratulates ProStar (previously ProStar Geocorp) for earning a four-year extension on its Rural Jump-Start tax incentive, which provides eligible businesses with expansive tax credits in the State of Colorado. The provider of Precision Mapping Solutions™ is the first in the state to successfully complete the first four-year term and receive an extension on the performance-based incentive.
“Receiving the extension is of great significance as Jump-Start has been a major ingredient in our growth in terms of the recruitment and retention of employees,” said Page Tucker, CEO of ProStar. “We are very appreciative of the work that GJEP has done in working with OEDIT to extend this program for another four years.”
The Economic Development Commission (EDC) approved the extension in a hearing on June 18, along with two key updates expected to positively impact the program for Mesa County:
- Colorado Senate passed legislation to extend the Rural Jump-Start Zone program for five more years, as well as ease the current competition clause that states participants may not conduct business that competes with another company already operating in Colorado. Changes officially take place upon signing from Governor Polis, who has already indicated his support of the program.
- The EDC removed Pierce Corporation and Visual Globe from the program. The Mesa County-based companies, which were approved in 2017 and 2018 respectively, have been unable to meet the performance criteria to remain eligible for the program.
“Participating counties have a cap on the total number of jobs that can be applied toward the tax credit. While it is disappointing to see any Mesa County companies removed from Jump-Start, it opens up the program for more local businesses by freeing up our cap,” said GJEP Deputy Director Steve Jozefczyk.
The Rural Jump-Start Zone program has been a key incentive in recruiting businesses and growing startups in Colorado’s Grand Valley. Since the program officially launched in 2016, GJEP has facilitated the approval of 18 companies in Mesa County for the tax credit (11 remain active), most recently Certek Heating Solutions.
“We are grateful to OEDIT and the State for seeing it fit to continue this program and making the necessary changes to ensure its success,” said Jozefczyk.
The Rural Jump-Start Zone Program provides specific tax relief to new businesses located in designated Jump-Start zones in rural Colorado. The program, approved in 2015 and launched in January 2016, is administered by the Colorado Office of Economic Development and International Trade (OEDIT) and the Colorado Economic Development Commission (EDC), in conjunction with local governments and institutions of higher education. For more information, visit https://choosecolorado.com/doing-business/incentives-financing/rural-jump-start-program/
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