ARE YOU AWARE OF STATE TAX CREDITS AVAILABLE TO YOUR BUSINESS FOR BEING IN WATERFORD?
California Enterprise Zones were established by the State of California to stimulate the local economy and to help businesses thrive. On November 16, 2005, Stanislaus became the 40th Enterprise Zone in the State, and on January 29, 2009, Waterford joined the Enterprise Zone program, valid through 2020.
The Enterprise Zone credits and deductions are available to individuals, and businesses located within the Enterprise Zone. Your address qualifies you automatically for the opportunity to earn tax credits. Two of the five major credits are the sales and use tax credit and the hiring tax credit voucher.
The sales and use tax credit allows you to reduce your state income tax for the amount of sales tax or use tax paid on the purchase of equipment integral to the operation of your business.
With the hiring tax credit voucher, businesses can earn tax credits for a full-time or part-time employee hired as long as they meet at least one of eleven (11) categories. Criteria can be found here: EZ-Eligibility-combined
Also, up to 100% of Net Operating Loss may be carried forward for 15 years. For more specific information regarding this specific tax incentive, refer to the Franchise Tax Board 3805Z.
Please take a good look at the information, share this with your accountant, and take advantage of tax credits you may be leaving on the table!
WHO CAN ASSIST YOU?
The ALLIANCE will assist you in acquiring the state tax credits, at no cost!
The mission and the responsibility of the Alliance is overseeing both Economic Development and Workforce Development activities in the Stanislaus County Area. Under its leadership, the Alliance manages and coordinates Enterprise Zone activities. The Alliance is committed to creating a blueprint for success, one in which existing, expanding, or newly created businesses can thrive and prosper.
They’ll provide an on-site visit to strategize your optimal benefits and give step by step instructions on how to receive the credits.
Call them at (209) 523-9663 or check out their website at http://www.stanalliance.com/.
