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New tax credit available for businesses

Beginning July 1, there’s a new tax credit available for businesses.

The Enterprise Zone Commercial Vehicle Investment Tax Credit (CVITC) created by House Bill 10-1285 in 2010 makes certain trucks and semi-trailer purchases eligible. This state income tax credit is equal to 1.5 percent of the qualified commercial vehicle investment.

Unlike many other Enterprise Zone tax credits, this credit must be applied for through the State Economic Development Commission (EDC) as only a set dollar amount is available each year. The EDC shall review applications in the order that they are received at their bi-monthly meetings.

Applications can be submitted starting July 1, 2011, and applications will first be reviewed at the EDC’s first meeting in 2012.

For more information and application information, go to www.advancecolorado.com/ezcredits.

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