Guide for relocation to Steamboat Springs, CO

PowerICE Receives Job Growth Tax Credit

PowerICE Receives Job Growth Tax Credit

The state, and a local energy food company, is helping Steamboat create more jobs. PowerICE, a local manufacturer of frozen, electrolyte-replenishing hydration bars, recently was awarded a $515,901 tax credit from Colorado’s Job Growth Incentive Tax Credit program for undertaking job creation projects that grow small business in Colorado.

“We’re committed to building our business in Colorado,” PowerICE President Grant Fenton says. “This incentive program will allow us to hire Colorado residents and contribute to the state’s economic growth as PowerICE expands. It’s great that the governor’s office supports small business development in rural and entrepreneurial communities like Steamboat.”

Administered by the Colorado Office of Economic Development and International Trade, the credit provides a state income tax credit to businesses undertaking job creation projects that would not occur otherwise. To qualify, the new jobs must have an average yearly wage of 110 percent of the county average wage, which is $54,411 in Routt County. The company has been approved for the creation of 100 new jobs throughout five years.

“PowerICE is a great example of the emerging outdoor recreation manufacturing cluster in Steamboat,” Gov. John Hickenlooper says. “We’re thrilled they have chosen to expand in this part of the state.”

Last year, PowerICE re-launched in Colorado and elsewhere, attending numerous sport tournaments and athletic events. In 2014, it re-formulated to become all-natural and expanded its growth into the health care and grocery categories — all of which is good news for town.

“One of our community’s economic development objectives is to diversify our economic base,” Steamboat Springs Chamber Resort Association CEO Tom Kern says. “Having a company like PowerICE here goes a long way toward meeting that objective. These are exactly the type of professional jobs we like to increase in our community.”

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