During the economic downturn, cities are beginning to utilize the tax credits available to them in order to attract new businesses to their region.  The latest was Santa Clarita, which has announced a 21 point plan for economic development.  Topping off the list was the promotion of the city’s Enterprise Zone.  Details are below:

The Enterprise Zone is a critical state-initiated tax savings program designed to stimulate the economy and return valuable dollars to local Santa Clarita business. As of March 23, 2009, this program has generated a potential $14,689,000 in savings to local business. This campaign will include increased marketing and direct outreach to local businesses as a way to help thousands of companies understand the potential tax savings available just by doing business in the City of Santa Clarita. To date less than 5% of eligible businesses have taken advantage of the hiring credits available through the Enterprise Zone, but with increased funding for outreach and marketing to generate awareness of the program and its benefits, this number should increase substantially. $50,000 (General Fund)

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, May 11th, 2009 at 4:32 am and is filed under Tax News. 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.