Start time changes for tax incentive session

The Colfax Downtown Association has changed the time of the tax incentive workshop slated for Friday, Dec. 9.

The workshop will now start at 2:30 p.m., instead of 10 a.m., at the McGregor Training Center on Airport Road. The time was changed to accommodate those who plan to attend the funeral for Larry Jones at 11 a.m. Friday at the Peace Lutheran Church.

The workshop will have computer access so those who attend can start working on applications through the Department of Revenue to pledge business and operation (B&O) taxes to the Downtown Association.

“Businesses send their tax money through the Department of Revenue, and the money will actually come back to the Downtown Association,” said Valoree Gregory, Colfax unified executive director. “They're going to pay their taxes anyway, but that's one of the greatest things about being a part of the Main Street Program is that the taxes can come back.”

With Colfax being enrolled in the Main Street program, businesses can pledge their B&O tax dollars to run through the program and come back to Colfax at up to 75 percent. Businesses do not receive the credit themselves.

Because the Colfax Downtown Association is registered as a nonprofit organization, businesses can use their pledged donation as a writeoff the next year.

Applications for the Main Street Program tax incentive can be submitted Jan. 1. The program offers tax credit incentives totaling $1.5 million statewide to its 32 communities enrolled in the program. Colfax is allowed to receive up to $133,000 of that, but the incentives are first come, first served.

Last year – Colfax's first year in the program – all the incentives were already allocated by the time businesses here could apply for them, so Colfax missed out.

Gregory said the workshop Friday is meant to help businesses start their applications so they can be turned in Jan. 1. Also, questions about the program and funding will be answered there.

To learn more or sign up for the workshop, contact Gregory colfaxdirector@ gmail.com.