C.R.S. Section 24-46-105.3
Economic development incentives

  • employers in compliance with federal law
  • legislative declaration

(1)

The general assembly hereby finds and declares that the commission encourages, promotes, and stimulates economic development and employment in Colorado by awarding economic development incentives to employers in the form of grants, loans, and performance-based incentives. The general assembly further finds that it is in the best interest of the people of the state to ensure that United States citizens and others lawfully present in the state are the beneficiaries of employment opportunities that are made possible through moneys awarded to employers the commission. The general assembly recognizes that many local governments also participate in programs to develop new businesses, expand existing businesses, promote economic development within their jurisdictions, and create employment opportunities for Colorado. The general assembly further recognizes that it would be in the best interest of the people of the state if local governments would take steps to ensure that United States citizens and others lawfully present in the state are the beneficiaries of employment opportunities created through economic development incentives offered at the local level. Therefore, the general assembly hereby encourages all local governments that participate in economic development incentive programs to develop standards to ensure that all employers who are awarded economic development incentives employ only United States citizens or people who are lawfully present in the state and have the authority to work.

(2)

In addition to the requirements specified for any employer to receive a grant, loan, performance-based incentive, or other economic development incentive pursuant to the provisions of this article, an employer shall be in compliance with the provisions of 8 U.S.C. sec. 1324a in order to be eligible to receive such economic development incentive. The commission shall develop a procedure by which an employer that receives an economic development incentive pursuant to this article shall provide proof to the commission that each employee employed by the employer within the United States is a United States citizen or, if not a United States citizen, is lawfully present in the state and authorized to work.

(3)

During the process of awarding a grant, loan, performance-based incentive, or other economic development incentive to an employer, the commission shall have the discretion to determine when to verify that the employer is in compliance with the provisions of 8 U.S.C. sec. 1324a.

(4)

If the commission determines that an employer who receives an economic development incentive pursuant to this article is not in compliance with the provisions of 8 U.S.C. sec. 1324a, or is unable to prove that it is in compliance with the requirements of 8 U.S.C. sec. 1324a, the commission shall notify the employer by certified mail of the commission’s determination of noncompliance. The employer shall repay the total amount of money received as an economic development incentive to the commission within thirty days of receipt of the notice.

(5)

Notwithstanding the provisions of this article, any employer that has been issued a notice of noncompliance pursuant to subsection (4) of this section shall be ineligible to qualify for a grant, loan, performance-based incentive, or other economic development incentive awarded pursuant to this article for five years after the date that the employer has repaid the commission in full pursuant to the requirements of subsection (4) of this section.

(6)

Upon determination that an employer is ineligible to receive an economic development incentive pursuant to this section, the commission shall allow the employer to appear at a hearing before the commission and to establish proof that the employer is in compliance with the provisions of 8 U.S.C. sec. 1324a. The commission shall satisfy the requirements of this subsection (6) within existing resources.

(7)

This section shall be enforced without regard to race, religion, gender, ethnicity, or national origin.

Source: Section 24-46-105.3 — Economic development incentives - employers in compliance with federal law - legislative declaration, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-24.­pdf (accessed Oct. 20, 2023).

24‑46‑101
Legislative declaration 24‑46‑102
Colorado economic development commission - creation - membership - definition 24‑46‑103
Commission - organization - meetings 24‑46‑104
Powers and duties of commission - repeal 24‑46‑104.3
Transferable income tax credits for certain businesses located in the state - definitions 24‑46‑105
Colorado economic development fund - creation - report - repeal 24‑46‑105.1
Reporting requirement - new jobs created 24‑46‑105.3
Economic development incentives - employers in compliance with federal law - legislative declaration 24‑46‑105.5
Local economic development - participation in federal programs 24‑46‑105.7
Performance-based incentive for new job creation - new jobs incentives cash fund 24‑46‑105.8
Performance-based incentive for film production in Colorado - film incentives cash fund - definitions 24‑46‑106
Repeal of part 24‑46‑107
Temporary extension of carry-forward provisions - Colorado job growth incentive tax credit - enterprise zone tax credits - definitions - repeal 24‑46‑108
Refundable income tax credits for certain businesses located in the state - definitions - repeal 24‑46‑201
Definitions 24‑46‑202
Venture capital authority - board - staffing fund - bonds - enterprise fund - distribution of proceeds 24‑46‑203
Venture capital funds - managers - qualified investments - contract - distributions 24‑46‑204
Venture capital tax credits - contributions to authority - report 24‑46‑205
Administrative expenses 24‑46‑206
Office - report 24‑46‑207
Conflict of interest 24‑46‑301
Short title 24‑46‑302
Legislative declaration 24‑46‑303
Definitions 24‑46‑304
Regional tourism project - application - requirements 24‑46‑305
Regional tourism project approval - director - commission - review 24‑46‑306
Regional tourism authority - board - creation - powers and duties 24‑46‑307
State sales tax increment revenue 24‑46‑308
Annual report - audit 24‑46‑309
Commencement of development 24‑46‑310
Issuance of bonds by a financing entity
Green check means up to date. Up to date

Current through Fall 2024

§ 24-46-105.3’s source at colorado​.gov