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California tax incentives to help corporations

California Tax Incentives To Help Corporations

With a sagging economy, businesses located in the United States are utilizing every means possible to improve their bottom lines.  One under-used resource available to California-based corporations are California tax incentives.  You may be able to take advantage of a California tax credit, other tax incentives and even personal tax credits if your business operates in one of California’s Enterprise Zones.  

The good news is that Enterprise Zones are located throughout the state of California.  These forty-two zones are in economically disadvantaged areas of the state, and by being classified as an Enterprise Zone, they qualify for a number of different corporate tax incentives.  

One of these corporate tax credits can come in the form of hiring credits.  If you have what the state calls a “qualified” employee, your company in the Enterprise Zone may be eligible for up to $12,500 in California tax credit.    Anywhere from fifteen percent to fifty percent of your worker base may make your business eligible for this California tax credit.  Employees that qualify include those who are veterans, physically or economically challenged, American Samoans, Pacific Islanders, Native Americans and those who have been recently laid off.  Another part of this California tax credit that many business owners are unaware of is that these corporate tax credits can go back for up to four years prior if amended returns are submitted, giving small and mid-sized business a much-needed financial gain of up to $200,000.

There are other California tax incentives available in the area of sales tax credit offered to businesses in the Enterprise Zones.  Partnerships, LLCs and S Corps can earn corporate tax credits of up to $100,000 annually, and C Corps over $200,000 annually for those businesses that add energy saving equipment, air and water pollution control equipment, equipment for processing and manufacturing as well as research and development.  This welcome California tax credit alone can save your business up to ten percent of the after-tax cost of capital expenditures.

There are other California tax incentives that may be helpful to your employees.  Both employees and lenders may qualify for additional corporate tax incentives that lend another boost to the local economy.  Because of these generous tax incentives, businesses are encouraged to hire those who have been unemployed or are veterans, which helps individual employees tremendously and helps to reduce unemployment throughout the state while at the same time helping the company as well.

Your professional CPA can help explain corporate tax incentives and determine your company’s eligibility.

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