With news that should have thousands of local Valley businesses very pleased, state officials have announced that the San Fernando Valley is now part of the Enterprise Zone program.

So what areas will be included in the EZ program? The expansion area includes portions of:

• Chatsworth
• Canoga Park
• The Van Nuys Airport area
• Woodland Hills
• The Northeast Valley

The LA Times covered the announcement and what is means for the region, “The California Enterprise Zone Program targets economically distressed areas, providing tax breaks and other incentives to attract new businesses and foster job creation. Enterprise zones already exist in the Hollywood, Central City and Pacoima regions. Under the program, firms can earn state tax credits for hiring additional employees, receive sales tax credits on purchases of $20 million per year of machinery, receive preference on state contracts and receive a 35% cut in city utility rates for five years.”