More than $100 million EZ tax credits and other benefits have already been overlooked by local businesses. Are you getting yours?
Over a five-year period, your business could save up to $37,400 in state business taxed just for hiring a qualified employee. By hiring motivated, low-cost, work-ready local job applicants, businesses in Enterprise Zones can take advantage of:
Up to $37,400 in potential five-year California state tax credits per qualified employee.
Reduced labor costs of up to 65% on many employees by combining EZ tax credits with Federal Work Opportunity Tax Credits.
Refunds for taxes paid up to four years ago for businesses in the EZ.
For information about California Enterprise Zones, including Los Angeles,click here
Long Beach Enterprise Zone Hiring Tax Program
The City of Long Beach offers an urban Enterprise Zone of over 41.4 square miles, encompassing thousands of businesses. No matter if your business is manufacturing or retail, large or small, the Enterprise Zone provides State tax credits that can enhance your business.
Purpose: To provide targeted areas with a means to stimulate business and employment growth.
Duration: 15 years, January 8, 2007 - January 7, 2022
Size: 41.1 square miles, 10,000+ businesses
Area: Includes most of the city's commercial and retail corridors and manufacturing centers.
Eligibility: Any individual or company operating a trade or business within the Enterprise Zone is eligible for the program.
Benefits: Companies located within the Enterprise Zone can save thousands of dollars on their business' California income taxes.
Hiring Credit A Qualified business may reduce its state income tax by a percentage of wages paid to one or more qualified employees over a five-year period. Over $37,400 in tax credits is available per qualified employee. The credits may be carried over until they are exhausted.
Sales and Use Tax Credit California income of franchise tax may be reduced by the amount of sales or use tax paid on the cost of qualified equipment or machinery parts purchased for exclusive use in the Enterprise Zone. The credits may be carried over until they are exhausted.
Business Expense Deduction Part of the cost of certain property, furniture and fixtures purchased for exclusive use in the Enterprise Zone may be deducted as a business expense in the first year it is placed in service.
Lenders may deduct net interest earned on loans to Enterprise Zone businesses.
Enterprise Zone companies can earn preference points on State contracts.
For more information on the Long Beach Enterprise Zone, contact: