SCV Business Owners Can Still Take Advantage Of Enterprise Zone Tax Credits
California’s enterprise zone tax credit program may have ended, but some Santa Clarita business owners can still take advantage of tax credits benefits, officials announced Friday.
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The Santa Clarita Valley Economic Development Corporation is offering free 20-minute consultations to Santa Clarita business owners on May 29 to determine if they qualify and assist in taking the appropriate steps.
“The enterprise zones have been dissolved, but within the legislation there’s this unique opportunity for companies within certain geographic zones in the Santa Clarita Valley-- which is most of the Santa Clarita Valley,” said Christopher Girdwood, business outreach and communications manager at SCVEDC. “If they did hire in 2013, they can still apply for the enterprise zone credit, and if they receive it, they can utilize it for the next 10 years.”
The original program paid business owners up to $37,440 for each qualified employee hired within the enterprise zone. When it was discontinued on January 1, employers were subjected to a massive tax increase, SCVEDC officials said.
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However, the “wind-down” of the program is structured in a way that allows business owners to ‘go back in time’ and generate credits, but if employers haven’t completed vouchering by the third quarter of 2014, they may not be able to.
“What we’re trying to do is get the word out to say you haven’t missed the boat yet,” Girdwood said. “There’s still six to nine months where you can really take advantage of it.”
Unused tax credits don’t expire for ten years from the time they are generated, so looking at what “was” available and claiming them can save business owners money, SCVEDC officials said.
The consultations are scheduled to take place from 8:30 to 10:30 a.m. on May 29 at the College of the Canyons University Center, located at 26455 Rockwell Canyon Road, Room 262. Space is limited, so interested business owners are encouraged to sign up today.
How to Register Free 20 Minute Consultation
Choose one time-slot and email Emylie Ellis at firstname.lastname@example.org to register. Available consultations will be scheduled on a first-come, first-serve basis.
Time-slots available are:
* 8:30 - 8:50 a.m.
* 8:50 - 9:10 a.m.
* 9:10 - 9:30 a.m.
* 9:30 to 9:50 a.m.
* 9:50 to 10:10 a.m.
* 10:10 - 10:30 a.m.
The SCVEDC will confirm selected time-slots via email. For more information, call 661-288-4400.
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