As ramsy has stated, the motor should start, even with 10% voltage drop. Most electric motors have a pretty wide tolerance for voltage. Keep in mind that the amp draw will be higher, but still within the capability of #10 wire. I would use a 30 amp breaker just in case the motor does run a bit higher than 16 amps.
Energy codes that discuss voltage drop in the states are based on ASHRAE 90.1, titled
Energy Standard for Buildings Except Low-Rise Residential Building. You would need to determine if Colorado adopted it (it looks like they have) and whether or not it applies to the building you are working on.
The easy way to comply, without doing additional research, is to size the conductors to #8 and call it a day. You are going to spend more time figuring it out then just running the #8 and moving to the next project. My math shows voltage drop of 4% with: PVC conduit, 150 ft run, 120VAC, 0.8 pf, 16 Amps, #10 AWG. Increase conductor to #8 and VD becomes 2.6%.
The United States Dept of Energy maintains a registry of energy codes adopted on a per state basis and information related to them.