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Small Business Development Series Focuses on Enterprise Zone
 

Small business owners can learn the advantages of participating in the San Diego Regional Enterprise Zone program at a seminar Wednesday, April 23 from 3:30-5:30 p.m. at the Chula Vista Chamber of Commerce. The Chamber and the City of Chula Vista Redevelopment & Housing Department are sponsoring a special presentation on the program during Expert Insights, a small business development series.   
Expert Insights is a city-sponsored seminar offered on a quarterly basis to local businesses.  Other presentations on April 23 include sessions on the MBA Business Consulting Program and Small Business Financial Services.  A panel of local executives and business professionals will discuss topics that are vital to Chula Vista’s small business community.
Ples W. Felix, Jr., Special Incentive Manager for the City of San Diego’s  Planning and Community Investment Department, is a featured speaker on the Enterprise Zone.
An Enterprise Zone is a geographically designated, economically depressed area in which businesses can receive several substantial state tax breaks and other benefits.  Enterprise Zones were created in California to stimulate business investments in areas where they are traditionally slow, and to increase job opportunities in areas of high unemployment.  Chula Vista is home to one of 42 Enterprise Zones statewide.
The major benefits of the Enterprise Zone Program are the tax savings on California Business income tax.  These include:

  • Sales or Use Tax Credit: A tax credit against the purchase of new manufacturing, assembly, data processing or communications equipment equivalent to the amount of sales or use tax, or up to $1.35 million annually.
  • Hiring Credit: A tax credit on up to 50 percent of the wages to qualified new employees over a five-year period (up to 50 percent in the first year, 40 percent in the second year, etc.).  This credit could exceed $34,000 per eligible employee.
  • Accelerated Depreciation Deduction: The option to accelerate depreciation on business property.  A business may treat 40 percent of the cost of qualified property as a business expense in the first year it is placed into service for a maximum deduction of $20,000 per year, whichever is smaller.
  • Net Interest Deduction for Lenders: Allows lenders a deduction on the net interest earned from loans made to Enterprise Zone businesses.  Qualified loans include business loans, mortgages and loans from noncommercial sources.
Interested participants must RSVP by Monday, April 21 at (619) 409-5888.

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