Contributions to courthouse and fairgrounds eligible for tax credit


by Carolina King
news@ouraynews.com


The Board of County Commissioners approved two enterprise agreements at a regular meeting on Jan. 15. The agreements allow private citizens to make contributions to the Ouray County Courthouse Restoration and New Construction Project and to the Ouray County Fairgrounds and receive tax credits for their contributions.
The exchange is made possible because of the Colorado Urban and Rural Enterprise Zone Act. The act allows a taxpayer “to make a monetary or in-kind contribution for the purpose of implementing the economic development plan for an established enterprise zone.”
Region 10 (an organization made of up of representatives from six area counties working to get a wide variety of resources more readily available in the area) determined that contributions to the courthouse and fairgrounds fall under those guidelines and have approved tax credits for donations to them. The reasons for approval are listed in the agreement as: job creation, job preservation and related business development activities.
Colorado taxpayers who make cash contributions will receive a 25 percent tax credit and those who make in-kind contributions will receive a 12.5 percent credit.