A news release from late June reported that the Rico Fire Protection District in Dolores County was approved as an Enterprise Zone Contribution Project by the Economic Development Commission.
This designation means that Region 9 donors who donate $250 or more to an EZ project are eligible to receive a 25% state tax credit for cash donations and a 12.5% state tax credit for in-kind donations, which include noncash gifts such as goods and supplies, as defined by the Wild Apricot fundraising blog.
Donations would go toward expansion of the Rico firehouse to include a classroom and office space, an additional bathroom, vehicle storage, and kitchen updates. Rico Fire is the only fire, rescue, search and rescue, or emergency medical services agency in eastern Dolores County. It serves 500 square miles, which include rougher terrains like peaks around Lizard Head and high-country access trails in the area, the news release said.
Additionally, Rico Fire is responsible for putting on events and a fireworks display for Independence Day, and festivities around Thanksgiving and Christmas each year. More than 20 social events are held at the firehouse each year as well, as Rico Fire lends its station as a community center.
According to the news release, these tax credits are in addition to any federal tax deductions for donating to a 501(c) (3) organization. The Colorado Office of Economic Development and International Trade website explains that state tax credits are capped at $100,000 per taxpayer per tax year. If all of the tax credits can’t be used in a single year, the balance can be carried forward for up to five years.
According to the OEDIT website, the Enterprise Zone Program was created for the purpose of encouraging economic growth in areas with high unemployment rates, low per capita income, or slow population growth. The goal was to “improve the economy, create and retain jobs, expand businesses,” and gain community support, OEDIT said. By giving a tax credit for donations to these projects, the community may be more inclined to donate, which can be helpful for projects like the Rico Fire Protection District.
For more information, contact the Region 9 Economic Development District of Southwest Colorado at (970) 247-9621.
