California Companies Can Benefit From California Tax Credit

If you own a California company and are looking for ways to keep your company solvent

for another business year, why not take advantage of tax credits that many companies simply let pass them by. Certified public accountants can help you ascertain which California tax credit and California tax incentives will most benefit your company and for which your business is eligible.

Corporate Energy Tax Credits

If your company conducts business within one of the state's forty-two Enterprise Zones, you may be eligible for several important enterprise zone credits. These corporate tax credits include Sales/Use Tax Credits that can be applied when your company purchases technology, pollution control, energy conservation, research and development or manufacturing and processing equipment. So by choosing equipment that helps you preserve the environment, you will be eligible for corporate energy tax credits.

Others are available based on the transportation you use to conduct business. If your company uses cars and trucks that are hybrids and run on alternative fuels, you may be eligible for corporate energy tax credits for this.

Other Enterprise Zone Credits For Businesses

There are several hiring tax credits available to Enterprise Zone-based companies, and when you add them up, your company stands to receive a substantial California tax credit. Some of these California tax incentives are available to companies based upon whom they hire. When you provide a job to someone who was recently laid off or was threatened with lay-off, Native Americans and Pacific Islanders, qualified disabled veterans and veterans who have recently qualified for food stamps, summer youth hires in select communities, 18-40 year old residents of designated communities, qualifying ex-felons that meet preset conditions, people who have been recently eligible for or received food stamps, SSI or Temporary Assistance for Needy Families benefits, or qualifying disconnected youth between 16 and 25 years old on the hire date, your corporation may qualify for a California tax credit of up to $13,000 annually per qualified employee. There is also employee-level annual California tax credit for employees that work in an Enterprise Zone of up to $525 annually. In addition to these corporate tax credits at the state level, there are also federal tax credits that can be as high as $2,400 to $4,800 per qualified employee annually.

When you add these many California tax incentives up, you can see that they will reduce your taxes owed considerably, helping to improve your company's fiscal statement. Please contact a local CPA firm for additional information on how your company can benefit from these and other credits.

by: Wayne Hemrick

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