By Tamara Chuang, Colorado Sun
If all 35 companies approved in 2023 take Colorado up on its offer of a tax credit to move or expand here, they’ll create more than 12,700 new jobs in the state in the next eight years.
The past year’s slate of approved job-creation tax credits is valued at $146 million, or double the amount approved in 2022 — and for twice the potential new workforce. From startups like Alquist, which plans to 3D-print houses in Greeley, to lithium-ion battery manufacturer Amprius Technologies in Brighton and several space- or semiconductor-related firms weighing a move to El Paso County, the new cohort joins more than 300 past awardees that have qualified for $1.45 billion of tax credits and created around 20,000 jobs in 14 years.
But so far, most awards have gone untouched. In a Colorado Sun analysis of the state’s Job Growth Tax Credit, available since 2009, companies have requested $244 million as of 2022. But only about $66.3 million has been used to offset state tax revenue, according to Colorado Department of Revenue and Office of Economic Development and International Trade data. State tax data was only available through 2021, so by the end of 2021, about 5.4% of the total tax credits approved in 14 years had been used. That rate is expected to rise as more companies hire new workers. But many just haven’t met their goals.