Green Tax Incentives And California Hiring Tax Credits For Your Corporation

Although April 15th has come and gone, California businesses can start now to make plans for meeting next year's tax bill

. The best way to do that is to consult with a corporate tax specialist. This person, who is well-versed in the latest changes to tax codes, as well as tax credits available to California corporations, can help to save your company money. You can look to a knowledgeable CPA Specialist in California to give you information about green tax incentives and federal as well as California hiring tax credits for which your business may qualify.

Green tax incentives, which also go by eco credits, can help your company to do its part to not only preserve the environment, but also save money at tax time. There are several steps that business owners can take to earn eco credits. One way toward taking advantage of eco credits is to have your company automobile fleet consist of alternative fuel vehicles. Vehicles that run on a combination of electricity, gas, hydrogen, ethanol and other alternative fuels can qualify for eco credits. Another way to earn California energy credits is to install energy-saving equipment. This might include systems used for pollution and energy control. Other means used by California companies to utilize California energy credits would be to install equipment that helps your company produce some or all of the power that it needs, by installing solar, geothermal or cogeneration energy sources. Installing research and development equipment or processing equipment that saves energy can also help your company save with eco credits.

Another means that California companies can use, but often do not because they are unaware of them, are federal hiring credits and California hiring tax credits. If your corporation hires people that are classified by the state and federal governments into certain demographic groups, then your company should qualify for both federal hiring credits and California hiring tax credits. Federal hiring credits can range from $2,400 to $4,800 per qualifying employee. State hiring credits, especially if your company is located in one of the state's forty-two Enterprise Zones, can allow your company around $13,000 per qualifying employee per year. You may also be allowed to file amended returns to take advantage of these tax breaks up to three years previously, or carry forward your tax credits to next year, as needed.

By taking advantage of these under-used green tax incentives and hiring credits, California companies can greatly reduce the amount they pay in taxes, a fantastic return for your company that invests in its California community.

by: Wayne Hemrick

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