Posted: Nov 6, 2011 12:14 PM by Matt Stafford
Updated: Nov 6, 2011 12:15 PM
DENVER (AP) - A report by The Denver Post shows that tax credits created more than 20 years ago to spark economic development in the poorest areas of Colorado are now available in more than 70 percent of the state.
The newspaper reports that the Enterprise Zone Program benefits businesses ranging from oil companies to the Colorado Rockies.
Last year, companies filed documents stating they were owed more than $75 million in tax credits. The Post says those companies created a net 564 jobs, a cost of nearly $133,000 per job.
Some former supporters from both parties say the program has over expanded.
Over the past decade, the Colorado Economic Development Commission expanded the zones more than 60 times but took an area out only once.