By Guest Blogger: Monika Miles
In 2014, we were introduced to several new tax incentives in California, including the Hiring Credit, California Competes Credit, and the California Partial Manufacturers’ Sales/Use Tax Exemption. The Hiring Credit is a relatively difficult program to navigate and qualification is limited. However, the California Competes Credit and the California Manufacturers’ Exemption could prove beneficial to California companies, and technology companies here in the Silicon Valley.
By Alex Ho, ASL Tax Senior
Did you know that California has recently passed a new Tax Credit, setting aside over $500 million in tax credits over the next five years? The California Competes Tax Credit is a negotiated tax credit via an application process that just begun. The California Competes Tax Credit was designed for businesses that wish to come to California or businesses in California that are growing and staying, offering an incentive to develop California’s economy by mitigating its high corporate tax rate.
I always get excited as a New Year begins and brings with it New Year’s resolutions and opportunities for change. One significant change beginning in 2014 that will impact many California businesses is Gov. Brown’s revision of the California business incentive program for targeted areas. In the past, the State designated approximately 35 Enterprise Zones throughout California and offered special tax benefits to taxpayers operating businesses within these zones. Significant tax benefits included: