DENVER (AP) – House Democrats plan to announce a proposal to change a Colorado tax subsidy program after questions were raised about its effectiveness at spurring economic development in poor areas.
Democrats are expected to release details of their proposed legislation Wednesday afternoon. The tax credits are part of the Enterprise Zone Program created more than 20 years ago and are in more than 70 percent of the state.
The Denver Post reported last year that companies filed documents stating they were owed more than $75 million in tax credits in 2010. The newspaper said those companies created a net 564 jobs, a cost of nearly $133,000 per job.
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