Legislative action resulted in the repeal of the Enterprise Zone Act and the dissolution of Enterprise Zones (EZ) effective December 31, 2013. The California Department of Housing and Community Development (HCD) has added an Enterprise Zone wind-down page to its website. In order to allow EZ businesses an opportunity to apply for hiring tax credits already earned for qualified hires made before January 1, 2014, vouchers may be applied for and issued until December 31, 2014. This is the only state EZ benefit which will remain available after the repeal of the EZ program on December 31, 2013. Click here to read more.
The Enterprise Zone tax incentives as we have come to know and love them are all expiring on December 31, 2013. But all hope is not lost…the old Enterprise Zone Hiring Credit is being replaced by the New Employment Credit and the old Enterprise Zone Sales Tax Credit is being replaced by the Manufacturing Exemption.
Click here for more information regarding the New Employment Credit:
Click here for more information regarding the Manufacturing Exemption: