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Incentives

LIFE AFTER ENTERPRISE ZONES

Source: City of Stockton

Assembly Bill 93 was  signed into law in 2013,eliminating California’s Enterprise Zone program. But it’s not over yet. the program will cease at the end of the year, but there is still time for businesses to take advantage of existing hiring credits.

 Here’s what you need to know:

If your company has already hired employees and obtained voucher certificates through the Enterprise Zone Program, you will continue to accrue tax credits for that employee beyond the end of 2013. The tax credits will continue to carry forward for up to 10 years from the end of this 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. Visit www.sjcez.org for more information.

State Incentives Program 2014

Sales Tax Exemption

Beginning on 07/1/2014, a business will be allowed to exclude the first $200 million equipment purchases from the State of California’s share of sales tax (4.19%). This statewide sales tax exemption is based on manufacturing equipment or research and development equipment purchased by companies engaged in manufacturing or biotechnology research and development.

Hiring Credit

The hiring credit is available for employees hired between 01/01/2014 and 01/01/2021. The hiring credit is for businesses located in census tracts with the 25 percent highest share of both unemployment and poverty in the state. The hiring credit also applies to currrent Local Agency Military Base Recovery Areas (LAMBRA) and Enterprise Zone boundaries excluding wealthy areas. The hiring credit will be available for the hiring of long-term unemployed workers, veterans within 12 months of separation from service, people receiving the Federal earned income taxcredit, ex-offenders and recipients of CalWorks or general assistance. The hiring credit will only be allowed to taxpayers who have a net increase in jobs. The hiring credit will be 35 percent of wages between 1.5 and 3.5 times the minimum wage for a period of five years. In five pilot areas designated by Go-Biz, the credit will be calculated on wages starting at $10 per hour.

California Competes Tax Credit

The California Competes Credit will be created and administered by GO-Biz. Businesses will have the opportunity to compete for available tax credits. Criteria for competition includes the number of jobs to be created or retained, the extent of poverty in a business development area, a minimum compensation limitation and a set job retention period. Approval of any proposed incentive will be made by a five member committee composed of a representative from the Treasurer’s office, Department of Finance, GO-Biz, the California Senate and California Assembly.

Approved credits may be recaptured if a business fails to fulfill the terms and conditions of the contract. 25% of these credits will be designated for small businesses.

LOCAL INCENTIVES

A partial list of incentives available to qualifying firms includes:

  • Development Coordination
  • Preliminary Project Review Meetings
  • One-Stop Permit Centers
  • Fee Estimates
  • Fast Track Application Processing
  • Zero-interest facade improvement loans
  • Fee deferral program
  • Economic Review Committee

EMPLOYMENT RECRUITMENT

  • Customized Staffing Recruitment services at no cost
  • We will work with you to design a recruitment specifically for your company
  • Based on your specification, we can screen applicants to meet your minimum qualifications

FINANCING OPPORTUNITIES

  • Small Business Administration (SBA) Financing SBA 504 and 7A
  • San Joaquin County Revolving Loan Fund loan packaging fee waived
  • San Joaquin Angels provides equity financing for fast-growing early stage companies
  • Community sponsored commercial financing