San Joaquin County
Enterprise Zone Ending.
VOUCHER NOW!
At the beginning of July, Governor Brown signed into law bills AB93 and SB90. These two bills ended the almost 30 year old, highly successful, California State Enterprise Zone (EZ) Program.
These bills effectively raised the taxes on San Joaquin County businesses by tens of millions of dollars per year, and eliminated a key incentive for businesses to located to and expand within San Joaquin County. The EZ Program was responsible for creating and retaining tens of thousands of jobs over just the past few years. The EZ program was replaced by a new, statewide, incentive program that will do very little to help economically distressed areas such as San Joaquin County.
With the EZ program ending at the end of the year, it is now critical for businesses to submit California State Enterprise Zone Credit Voucher Applications before the end of the year.
" All EZ Vouchers that are approved before the end of the year will be good for the entire five year credit period for each eligible employee." says Ed Wanket, Business Retention and Expansion Specialist for San Joaquin County Economic Development Assoc. and one of the counties Enterprise Zone Specialists.
"In addition to that, all unused credits for employees that are vouchered prior to December 31, 2013 will carry forward for another 10 years.
Businesses need to take a close look now to see if they can qualify any new hires for this year or previous years.
Even a small business can stand to lose tens to hundreds of thousands of dollars in unclaimed credits if they don't get thier EZ vouchers approved before the end of the year."
Any business that needs assistance can call the Economic Development Association and talk with Ed Wanket at (209) 468-3613 or Connie Rill at (209) 468-3615.
If you would like more information on the new State Incentive Program you can contact Ed Wanket as well.
Take advantage of these benefits NOW!
1. Hiring Tax Credit - up to $37,400� per eligible employee over a five year period.
2. Sales and Use Tax Credit on qualified machinery.
3. Business Expense Deduction - up to $20,000 per year on tangible personal property.
4. Net Operating Loss Carryover - up to 100%
carryover to future years. (Suspended 2010-2012)
5. Net Interest Deduction for Lenders - which may result in 3-4% increase in return on investment.
How can this help your business?
Visit www.sjcez.org for more information and a map or contact your EZ Specialists: Connie Rill and Ed Wanket at 209-468-3615.
Qualifying businesses may capture tax credits from June 22, 2008!
The Enterprise Zone Program will end effective December 31, 2013. It is imperative that you submit your claims prior to this date!
Claim your dollars - call today!
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