Earlier this month, Colorado Governor Bill Ritter signed into law Colorado H.B. 1001 creating a new jobs growth tax incentive program for his state.  On December 18 of last year, Governor Ritter had previously announced his intentions to create such a program.  See Press Release (scroll down to Keep Colorado Working for details as understood at that time.)
In a nut shell, program eligibility requires a project to create at least 20 new jobs in the state of Colorado.  Employees must be paid a minimum of 110% of the average local wage and must remain employed at least 12 months before a credit can be claimed.
A company wishing to participate must submit a written application with many details about the proposed project, including evidence that the credit itself is a significant factor leading to locating the project in the State of Colorado.
As I read it, this program requires a significant investment of upfront effort and near- to medium-term commitment.  The reward is a tax credit that offsets your company or shareholders’ state income tax.  While the credit offsets state income tax, the credit is computed as a percentage — up to 50%  — of the annual FICA taxes on new employees.