|The San Diego Regional Enterprise Zone Partnership, consisting of Chula Vista, National City, San Diego and the Port of San Diego, with the help of the South County Economic Development Council, were successful in getting some language included in Assembly Bill AB 93 and Senate Bill SB 90 that may benefit the region. Others collaborating on the effort included Chambers of Commerce from Chula Vista, National City, Otay Mesa and San Ysidro, as well as local businesses and the region's local and state legislators.
With the State of California's implementation of new economic development incentives, the San Diego Regional Enterprise Zone Program, as we know it, will end on December 31, 2013. Even though AB 93 effectively eliminates tax incentives associated with Enterprise Zone Programs as well as eliminates the statewide Small Business New Hire Tax Credit and are replaced with other incentives, businesses in the San Diego Regional Enterprise Zone and LAMBRA still have the opportunity to earn tax credits for hiring qualified employees and making qualifying equipment purchases through December 31, 2013. Here's how:
**If you hired an EZ eligible employee in the last few years and have not yet obtained an Enterprise Zone Hiring Certificate, you should do so immediately.
**If you are thinking of hiring new employees in the near future and would like to take advantage of the credit, it's not too late. Employees hired before December 31, 2013 may still be eligible and you can continue to claim the EZ Hiring Credit for up to five years as long as the employee remains employed with your company in the Enterprise Zone or LAMBRA.
**If purchasing new qualifying equipment, contact your accountant to determine if the EZ or LAMBRA Sales or Use Tax Credit or the new Sales and Use Tax Exemption is more beneficial to your business.
There are still many questions about AB 93 and updates will be provided as new information becomes available. To receive these updates, register your email at www.facebook.com/#!/SDRegionalEZ?fref=ts or email the SDREZ Manager at email@example.com.
Posted: July 12, 2013