Q: What is the Enterprise Zone Hiring Tax Credit Program?
A: It is a program in which the hiring of low-cost, work-ready local job applicants can result in significant annual state tax savings for participating businesses.
Q: Are other hiring tax credits available?
A: Yes. While the Enterprise Zone Hiring Tax Credit Program can reduce your California business taxes, the newly extended Work Opportunity Tax Credit Program (WOTC) offers Federal tax savings for qualified hires.
Q: What is the Youth Opportunity Center (YOC)?
A: The YOC is operated by the Pacific Gateway Workforce Investment Network and offers no cost programs that help the youth of Long Beach get educated, gain experience and find a job.
Q: How does the YOC benefit local businesses?
A: The YOC provides work experience/internship training programs for youth ages 16-24 to ensure that low-cost employees are available and ready to work. The YOC also provides no-cost academic and career counseling, and tutoring so that new hires grow academically while they are on the job.
Q: What does the Hire-A-Youth program do?
A: Hire-A-Youth matches local out-of-work youths and adults with employment opportunities at local business – including internships, temporary and permanent jobs.
Q: What cities are served by the Pacific Gateway Workforce Investment Network?
A: We proudly serve the communities and businesses of Lomita, Long Beach, Signal Hill, Torrance, Harbor City, Harbor Gateway, San Pedro and Wilmington.
Q: What does my business have to do to benefit?
A: Any business within the Enterprise Zone is eligible for tax credits just by hiring eligible applicants.
Q: What is an Enterprise Zone?
A: Enterprise Zones were created to stimulate business growth and attract new employers, create new jobs and encourage investment in local economies. [link to Enterprise Zone web site]
Q: How much can this program help my business reduce labor costs?
A: By combining Enterprise Zone hiring tax credits with Federal Work Opportunity tax credits, participating businesses can reduce labor costs by up to 65% on many employees.
Q: How long can my businesses participate in the program?
A: A participating business can reduce its state income tax by a percentage of wages paid to one or more qualified employees over a five- year time period.
Q: What is the annual savings in state taxes for employers in the Enterprise Zone?
A: Each hiring voucher issued results in a potential five-year tax credit of up to $37,400 per qualified employee.
Q: Is there any cost to my business to participate in the program?
A: There is a $68 hiring credit application fee for participating businesses.
Q: Where can I find out more about the Enterprise Zone Hiring Tax Credit Program?
A: Call the Pacific Gateway Workforce Investment Network toll free 866.846.3321.