|Long Beach Enterprise Zone|
The Long Beach Enterprise Zone is one of California's oldest and most utilized Enterprise Zones. Recently the Long Beach enterprise zone was renewed and expanded for another 20 years. CLC Tax Credits provides a comprehensive tax recovery service and tax credit solutions to Long Beach businesses located in the Long Beach enterprise zone area.
The Long Beach Enterprise Zone program's intent is to attract and retain businesses within the city of Long Beach as well as promote local job growth.
The Long Beach enterprise zone has been in use for decades now. Currently, the Long Beach enterprise zone is one of California's largest “single city” Enterprise Zones. The Long Beach enterprise zone stretches from the port of Long Beach all the way up to north to the 91 freeway. All of downtown Long Beach is also included in the Long Beach Enterprise Zone.
Long Beach Enterprise Zone's benefits are very lucrative. Perhaps the most profitable of these benefits is a hiring credit worth up to $37,440 per qualified employee. Employees may qualify for this credit in one of many ways regardless of where they live. Once more, employees do NOT have to live in the city of Long Beach in order to qualify for the Long Beach enterprise zone hiring tax credit. Terminated employees may also qualify for this credit. CLC Tax Credits can help employers recognize potentially eligible employees.
In addition to the hiring tax credit, companies located in the Long Beach enterprise zone may also assert a Sales and Use tax credit on technology investments and manufacturing equipment. Both the hiring credit and sales and use credit can be used to recover any income tax paid in the last 4 years plus interest. Long Beach enterprise zone tax credits may also be carried forward and applied to potential state income tax liability, both on an individual shareholder(s) basis and corporately. CLC Tax Credits specializes in providing Long Beach business owners and CPAs with an all-inclusive tax recovery solution.
Long Beach enterprise zone coordinator, Craig Johnson, is currently involved in an educational campaign intended to familiarize CPA's and tax preparers about the many rewarding Long Beach enterprise zone tax credits available to their clients. These Long Beach enterprise zone workshops are targeting businesses and CPA's in the downtown area. However, Long Beach's industrial and port areas should also be encouraged to participate in the Long Beach enterprise zone program. A common misconception is that only certain types of manufacturing entities are eligible to participate in the program when in fact, all businesses located in the Long Beach enterprise zones are welcome to utilize benefits.
The Long Beach Enterprise Zone tax credit program requires expertise in order to fully capitalize on obtainable credit benefit. CLC Tax Credits is a contingency service based on benefit realized. CLC Tax Credits works along side the Long Beach Enterprise Zone's local city managers. In addition CLC Tax Credits helps businesses and tax preparers alike when navigating various legislative regulations.