California Enterprise Zone
California Enterprise Zone tax credits are designed to keep businesses in California and create jobs in economically distressed areas. The California Enterprise Zone program has been in existence since the 1980s. However, most businesses are unaware of the many lucrative benefits available to them and have yet to take advantage. Currently, there are 42 California Enterprise Zones throughout the Golden State. All businesses located in a California Enterprise Zone are eligible to participate in the program. CLC Tax Credits helps businesses capture and maximize their California Enterprise Zone tax credits.
California Enterprise Zone tax credits can be used to offset 100% of a businesses state income tax liability above the state minimum. Corporations may use credits to offset and recover corporate tax only. S-Corps, LLCs and other partnerships can use the California Enterprise Zone tax credit to offset and recover shareholder and corporate state income tax.
California Enterprise Zone Tax Credits
California Enterprise Zone tax credits include a hiring credit worth up to $37,440 per qualified employee. Past and Current employees qualify for this credit in many ways. California Enterprise Zones also provides businesses with a lucrative sales and use tax credit for any technology, manufacturing and energy saving equipment and investments.
CLC Tax Credits objective is to provide a comprehensive tax credit solution to businesses located in California Enterprise Zones. CLC Tax Credits manages tax credit programs from A-Z so businesses can focus on what they do best. Even if a business is currently utilizing the California Enterprise Zone program, CLC Tax Credits can significantly increase available California Enterprise Zone credit and in most cases, recover and eliminate any existing tax liability. CLC Tax Credits can also integrate and enhance existing tax preparer and CPA services.
California Enterprise Zone tax credits have proven to be one of California’s most successful economic tools in attracting new business to the Golden State. Moreover, California Enterprise Zones have played an essential role in creating jobs in economically challenged areas of California.