HB20-1299, was recently introduced at the Colorado legislature. The bi-partisan bill would extend the state's current Enterprise Zone tax credit incentive for renewable investment projects until 2024. This is an important piece of tax policy to continue development of renewable projects in Colorado's eastern plains. These projects not only boost local government budgets through tax payments but provide substantial lease payments to landowners.
In 2016, TWW and Pro-15, issued a report, The Benefits of the Rural Renewable Energy Industry in Eastern Colorado. The findings of the report directly illustrate the importance of HB-1299. The report found that:
The rural renewables sector employs 4,250 workers in eastern Colorado.
From the 2000 to 2016 period, the total direct and indirect economic benefit of constructing renewable energy facilities resulted in $2.7 billion.
Landowners benefited from the $7.5 million annually in lease payments of wind farms.
In 2016 alone, the total direct and indirect economic benefit of these facilities was an estimated $138.7 million, produced by 960 employees.
The enterprise zone tax credit that HB-1299 intends to expand to 2024, is credited with helping secure the previous growth in renewables noted above and will help unleash the next stage of investment in Colorado.