With the slumping national and local economies doing businesses to constantly cut costs, it amazes me that so few local businesses are taking advantage of the massive amounts of potential tax credits available to companies working in a California Enterprise Zone.

A great illustration of this phenomenon is the county of San Bernadino.  Even thought it has been hit by the current recession as hard as any area of the state, only 68 businesses are taking advantage of the tax credit program.  Matt Wrye, a staff writer for the SBSun estimates the following:

Based on the zone’s hiring-credit incentive alone, an astonishing $175 million might be going unclaimed by businesses in the zone, assuming just one employee at each company qualifies for the credit.  That’s $175 million – it could be much more or less – the local economy is hungry for.

The question is, can your business afford not to take advantage of this tax program?  If you have a company in the San Bernadino area, or any of the state’s enterprise zones, contact us for a free consultation to see how much you could be saving in tax credits this year.

Tags: bay area, blog, C & I Tax, california tax law, california tax news, canditax, CCC, central valley, certified public accountants, city of compton, compton, corporate savings, CPA, CPA firms, Enterprise Zone Tax Credits, Enterprise Zones, EZ, EZ tax credits, governor, imperial valley, incentives, inland empire, inner-city, los angeles region, northern California, orange county area, policy, qualify, sacramento area, san diego area, santa clarita, steve dotan, tax credits, tax professionals

This entry was posted on Monday, April 20th, 2009 at 5:10 am and is filed under Enterprise Zones. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.