SBVEZ – Employee Hiring Credit, There is Still Time to Save
News from the SBVEZ – There is Still Time to Save
On June 25, 2013, the state legislature passed AB 93, which eliminates the current Enterprise Zone Program in California as of January 1, 2014. Although there are numerous questions about AB 93, we want to provide you with the most current information, and we will provide updates as they become available.
The San Bernardino Valley Enterprise Zone is one of 40 enterprise zones established by the Department of Housing and Community Development that provides tax incentives to businesses. The SBVEZ covers a 46 square mile area that includes the city of Colton, city of San Bernardino and portions of unincorporated San Bernardino County. Enterprise zones help businesses reduce their annual state income tax with a portion of wages paid to local workers and the sales tax paid on equipment purchases.
Here is how your business can save with the current Employee Hiring Credit:
- Businesses in the SBVEZ still have the opportunity to earn hiring credits for qualified hires through December 31, 2013. The credits earned on these hires will continue to accrue for those employees, even if they work after December 31, 2013.
- If you have hired an employee and have not yet obtained a voucher certificate, you should do so now.
- If you are thinking of hiring new employees in the near future, and would like to take advantage of the credit, it is not too late! Any employees hired by companies within the SBVEZ, on or before December 31, 2013, are still eligible for the current Enterprise Zone Credits.
4. Enterprise Zone credits that have been earned, but not taken, can be carried forward for 10 years beginning January 1, 2014.
If you are just learning about the Enterprise Zone, the SBVEZ will be holding numerous workshops before December 31, 2013. Please check the SBVEZ website for the workshop schedule. http://sbvez.com/2013-event-schedule/.
Thank you to all of the businesses that have participated in the SBVEZ, which has assisted local businesses in providing jobs for over 10,000 residents in our community. For questions, please contact the San Bernardino Valley Enterprise Zone office at 909.382.4538.