DED Accepts Tax Credit Program Reduction Recommendations

The Department of Economic Development has released a report recommending a reduction of $7.7-million in costs associated with several of its tax credit programs. The recommendations follow a directive from Governor Bob Holden to cut $7.5-million from the cost of tax credit programs. DED administers 31 tax credit programs, which are estimated to cost $220-million in the current fiscal year. Recommendations include the complete elimination of funding for two programs this fiscal year – $400,000 for Brownfield Demolition and $350,000 for a New Generation Co-op program.