Enterprise Zone Benefits for Businesses

What would you say if somebody told you that for one hour of your time and $65, you could receive $37,440 in tax credits from the State of California? The Enterprise Zone’s Hiring Credit may allow you to do exactly that! And that’s just one of the many benefits that the Salinas Valley Enterprise Zone may be able to provide for your business. The Enterprise Zone can also provide incentives to help you purchase new equipment, acquire the capital goods you need to run your business, get financing, or land state contracts…in fact, using ZoomProspector, the Enterprise Zone can even help you find a site to locate or expand your business. Whether you have an existing business in the Salinas Valley, are looking to start a new business, or want to relocate from somewhere else, the Enterprise Zone can help you accomplish your goals.

The Salinas Valley Enterprise Zone was originally designated on January 30, 2009 to include the Cities of Salinas, Gonzales, Soledad, Greenfield, and King City, and was expanded on July 11, 2011 to include the Castroville Industrial Park. It provides a number of credits for businesses, including a Hiring Credit for qualified employees hired on or after January 30, 2009. Businesses located within the Enterprise Zone that hire a “qualified employee” may receive tax credits equal to up to half of the employee’s salary for the first year.

An Enterprise Zone designation provides significant California Income Tax Credits and other financial incentives for businesses located in the EZ area boundaries. These incentives include:

• Hiring Credits
• Sales and Use Tax Credits
• Business Expense Deductions for Depreciable Equipment
• 15-Year Net Operating Loss Carryovers
• Net Interest Deductions for Lenders
• Preferences on State Contracts

To take advantage of Enterprise Zone benefits, please use the links above to access the following information:

Eligibility – Wondering if your existing business is located in the Enterprise Zone? Thinking of relocating and want to make sure you can take advantage of the Enterprise Zone’s benefits? Select the Eligibility tab above to confirm that your business is located within the Enterprise Zone.

Zone Benefits – Looking for more details on just what exactly the Enterprise Zone has to offer? Select this link for detailed program information!

Hiring Credit Vouchers – Interested in taking the Hiring Credit? Select this link for detailed step-by-step instructions on how obtain a Hiring Credit Voucher.

Frequently Asked Questions – Didn’t find what you were looking for? Check under FAQ to see if somebody else has already asked the question.

OneStop – Looking for help finding employees that would qualify you for a Hiring Credit? Monterey County OneStop is here to help match you with the right employee.