Eudora News and Information – www.eudorareporter.com
Douglas County has been selected as an Entrepreneurship (E-) Community and has been awarded $125,000 in tax credits, enabling the Douglas County E-Community to raise $166,667 to be loaned to small town local businesses.
These tax credits, which can be bought by individuals or corporations, will allow purchasers to use the tax credit for the 2011 tax year. In addition, if the amount of the tax credit exceeds the contributors liability in the taxable year, then the remaining portion can be carried forward until the total amount of credit is applied. For example, if you have a $1,000 income tax liability and you purchased $10,000 of tax credits. Those tax credits would roll over for 10 years. The minimum amount that can be purchased is $250.00 which would come to a $187.50 tax credit.
Collin Bielser, Management/Economic Analyst for the City of Eudora, assembled a local leadership team of representatives of the small town communities in the county to try to push forward this effort. Included on the team are: Douglas County Commissioner Nancy Thellman, Eudora City Councilman John Fiore, De Soto City Councilwoman Bonnie Plumberg, Deborah Barr (of Byrne’s Pharmacy), Peach Madl, Mark Tunstall, Jimmy Wilkins, and Will Katz, Director of the Small Business Development Center at Kansas University.
The leadership team will determine the strategy and vision for the E-Community. A separate financial review board will evaluate prospective loan applications from local businesses.
“This is a great way to help give back to your local community,” Bielser said. “Not only can you help yourself or your business, you are empowering other businesses to help themselves.”
Only businesses in Eudora, Baldwin City and Lecompton will be able to apply for the matching loans. Due to population size, Lawrence businesses will not be eligible.
“The Douglas County communities of Eudora, Baldwin, and Lecompton are excited to be a part of the E-Community program. The program provides opportunities for aspiring citizens and current local businesses to expand and grow our business base,” said John Fiore of the Eudora City Council.
The sale of the tax credits will go on through mid-December. For those interested in purchasing tax credits, you can contact Collin Bielser at 785-542-4111 or via email at: email@example.com