Saturday June 24th 2017

Anaheim Designates Free Enterprise Zones

ANAHEIM Calif. (FNP) – Beginning February 1st the city of Anaheim will establish certain areas to be “enterprise zones.”

The goal is to stimulate the economy by providing tax credits for business located within the zone boundaries. Nearly all of the city’s industrial and commercial areas are within boundary, according to Ruth Ruiz, a spokesperson for the city.

Approximately 80% of all Anaheim businesses will be inside the designated enterprise zone. Companies can earn up to $37,440 in state tax credit for each employee they hire.

Some of the corporations will receive sales tax credits on purchases up to $20 million per year. Qualifying items include machinery, and machinery parts. They will also be able to depreciate some of the property “up-front”, Ruiz tells Free News Press.

Banks and other lenders may receive a net interest deduction by lending to area businesses.

Unused tax credits may be applied to future years making the benefits of being within the enterprise zones even more favorable. Plus they will be eligible for preference points on state contracts.

For more information on this program call the administrator, John Ramirez, at 714-765-4949.

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