Repeal of California Enterprise Zone Program
California Governor Jerry Brown has officially signed AB 93 and SB 90 to repeal the long standing California Enterprise Zone Program at the end of 2013. The Enterprise Zone Program, founded over 25 years ago, offers state tax incentives to companies operating in targeted communities for qualified job creation and capital expenditures.
According to our affiliate and expert in the field, Brendan Foote, Senior Vice President of Hughes Marino, Inc., a leading commercial real estate brokerage firm in San Diego, companies who are located within the San Diego Regional Enterprise Zone have from now until December 31st to participate and generate state income tax credits.
Applications to secure available tax credits must be submitted no later than October 2014. Currently, companies can go retro-active four years to generate tax refunds as well. Any carryover Enterprise Zone credits must be utilized to reduce state income tax liabilities on or before tax year 2023.
The Enterprise Zone in San Diego encompasses the majority of the South Bay, North Bay, Downtown, Mission Gorge, Kearny Mesa, Mira Mesa, Sorrento Mesa and part of Rancho Bernardo.
To receive a complimentary analysis to determine if you are in the Enterprise Zone and to determine eligibility, you may contact Hughes Marino at firstname.lastname@example.org.
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