[vc_row][vc_column width=”1/4″][vc_single_image image=”4401″][/vc_column][vc_column width=”3/4″][vc_column_text]This post was written by Joanne Greek who represents Denver’s Office of Economic Development, a founding partner of The Commons on Champa. She is a resident expert on retail and business incentives and you can find her at The Commons each week.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]The City and County of Denver’s Office of Economic Development has plenty of resources when you’re starting up or expanding your business. But what about when the money starts coming in and – as sure as death and taxes – there’s your tax bill from the City.
Don’t despair. There is an upside to your business being profitable and it comes in the form of Denver’s Business Investment Program or BIP. The program offers a tax credit on business personal property (BPP) to companies that are new, new to Denver or already in Denver and investing in growth through capital investment and job creation.
HOW CAN THIS CREDIT BENEFIT ME?
For example, a business that invests $1 million in a new piece of equipment for a manufacturing process can receive an estimated total of over $11,000 in tax credits over a four-year period. As another example, a business investing $34,000 in new furniture and equipment could still save nearly $400 in taxes over a four‐year period. In the last four program years, 77 unique businesses of all employee sizes, revenue and investment have participated – the program proportionally benefits all businesses.
WHO IS ELIGIBLE?
A new business (start-up) is eligible to apply. A business new to Denver is eligible to apply. Existing business established in Denver prior to 2016 are eligible if they have met at least ONE of these growth requirements in 2016 to qualify:
Your increased investment was at least $1 million in business expansion;
Your increased investment was at least 100% of your prior business capital level;
You increased by at least 10 employees over your preceding 12‐month average; or
You increased by at least 10 percent in employment over your preceding 12‐month average.
YOUR NEXT STEP
You’re already compiling information about your business year already, so applying for this tax credit will not represent an additional paperwork burden. Applications for investments made in 2016 are due August 1, 2017 and can be found here. The Business Investment Program is Denver’s way of recognizing that you’re growing your business and Investing in Denver . . . and our way of saying thanks!
Your BIP resource representative is Joanne Greek, 720-913-1513. For more information about city programs and services that help local businesses start, grow, and thrive, please visit denvergov.org/oed
To schedule a small business advisory appointment with Joanne Greek at The Commons, go to: OED@Commons Appointment Request[/vc_column_text][/vc_column][/vc_row]