Hiring Credit
Your company can receive over $37,400 in state tax credits over a five-year period, for each eligible employee. It is easy to find employees who meet the eligibility criteria if your company takes advantage of the Long Beach Career Transition Center employment services. Sales and Use Tax Credit Your business can claim a state tax credit equal to the sales or use tax paid on the cost of any of the following equipment purchased for exclusive use in the Enterprise Zone.
* Equipment used to manufacture, process, combine, assemble or fabricate a product.
* Data processing and communications equipment including computers, telephone systems, fax machines and copiers.
* Equipment used in motion picture production and post-production. * Air and water pollution control devices.
* Equipment used to produce renewable energy resources.
Business Expense Deduction Part of the cost of certain equipment, furniture and fixtures purchased for exclusive use in the Enterprise Zone may be deducted as a business expense as opposed to a capital expense.
Net Operating Loss Carryover Up to 100% of a Net Operating Loss generated in an Enterprise Zone can be carried forward for up to 15 years
Net Interest Deduction for Lenders Lenders can deduct from net income the interest earned on a loan made to any business located solely in the Enterprise Zone.
For more information Contact:
Craig Johnson (562) 570-3842
Enterprise Zone Manager City of Long Beach Business Development Center
110 Pine Avenue, Suite 1100 Long Beach, CA 90802