Under Assembly Bill 93, the EZ Hiring Credit is still applicable for the full five years for any qualified new hires that occur on or before December 31, 2013. Even though the program has been eliminated, as long as the qualified new employee continues to be employed they will accrue a tax credit up to $37,440 for the first five years of employment. Any EZ Hiring Credits that are secured prior to December 31, 2013, can be carried forward for 10 years, or until they are exhausted –whichever comes first.
With only a few months left to secure enterprise zone credits, the SBVEZ is encouraging all San Bernardino and Colton businesses to review any hires made since October 15, 2006 to see if they qualify. Also, if you plan to hire in the first quarter of 2014, you might want to consider hiring in December in order to take advantage of the EZ Hiring Tax Credits.
What is a qualified employee? A qualified employee is anyone immediately preceding employment (90 days) meets one of the following categories:
- Resident of Targeted Employment Area
- Economically disadvantaged
- Dislocated worker
- Work Opportunity Tax Credit
- Military Veteran
- Food Stamps/Welfare Recipient
- Native American
- Unemployment Recipient
To secure EZ Hiring Credits a voucher certificate is required. The SBVEZ utilizes an online vouchering system that allows businesses and CPAs to file vouchers electronically. The system also offers users online payment options to pay the $125.00 voucher-processing fee.
Check out the online vouchering system at: http://sanbernardino.enterprisezonesoftware.com/
If you need assistance please call Wendy at 909.382.4538 or e-mail email@example.com