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Happy New Year from the Office of Economic Development!
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App of the Week:
Unleash your productivity. CloudOn makes Microsoft OfficeŽ (Word, Excel and PowerPoint) files more accessible and useful on your iPad, iPhone and iPod.
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Festival of Lights
Nov. 29 - Jan. 4
Mega Mixer &
Trade Show
January 30
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 City of Riverside, CA
Office of Economic Development News December 31, 2013
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Recharge Your Business In 2014 
As we begin the new
year in 2014 now is the time to take a fresh look at your business plan, build new relationships to expand your network and set goals for the year.
Below are some suggestions to help you get a jump start on the year:
1. Measure how your business stacks up against the competition.
The Office of Economic Development has a business intelligence tool available on our website called SizeUp which allows you to benchmark your business against others in your industry, map your customers, competitors and suppliers and locate the best places to advertise. To use the SizeUp Tool, click here.
2. Find new opportunities for partnerships.
Partnerships with other businesses can help you build your customer base while relationships with local suppliers can potentially help to reduce costs which in turn builds a stronger local supply chain. The SizeUp tool can help you map your suppliers and the Office of Economic Development is ready to assist you in finding business to business opportunities as well as connections to our partners. We have relationships with a wide range of entities including: local businesses, chambers of commerce, Riverside County Workforce Investment Board, Riverside Public Utilities, local universities, Riverside City College, Small Business Development Centers, Incubators, Venture Capitalists and Angel Investors and many more. (Read more...)
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Businesses Creating New Jobs
May Be Eligible For Hiring Tax Incentive January 1
The New Employment Credit (NEC) is a key component of Governor Brown's Economic Development Initiative and will be administered through the Franchise Tax Board.
The credit is available for each taxable year beginning on or after January 1, 2014, and before January 1, 2021. The NEC is based on middle class wages above $12 an hour and up to $28 an hour. Employers are allowed a maximum credit of $56,000 per employee for 5 years or 2,000 hours total and credits are calculated as 35% of wages each year for a total of 175%. In order to be allowed a credit, the qualified taxpayer must have a net increase in full-time employees in California, determined on an annual full-time equivalent basis. Full definitions for qualified taxpayer and qualified employee can be found in the Franchise Tax Board FAQs, here.
To qualify, employees must fit one of the following criteria: unemployed for 6 months, veterans within one year of separation, Earned Income Tax Credit recipients or ex-offenders and recipients of CalWorks or general assistance. The credit is targeted towards census tracts with the highest unemployment and poverty rates as well as Local Agency Military Base Recovery Areas (LAMBRAS) and current enterprise zone boundaries. (Read more...)
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Riverside is being recognized worldwide for its forward looking, cutting-edge approaches to economic development, education, sustainability and technology. Discover the possibilities within this City of Arts & Innovation.
Sincerely,
Scott C. Barber
City Manager
City of Riverside
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