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City
to Host Enterprise Zone Roll-out Seminar
Meet the experts
and get answers to FAQs about EZ tax incentives, benefits
From staff reports
COMPTON – The
city of Compton Planning and Economic Development Department is hosting
a free Enterprise Zone Roll-out Seminar for Compton’s businesses,
businesses desiring to relocate to the city of Compton and for residential
and commercial property owners. The seminar will be held on Wednesday,
Feb. 20 from 8 a.m. to noon at the Crystal Casino Hotel. The Seminar
will consist of panel presentations, Q & A sessions, and one-on-one
discussions with experts in the field of taxation.
Expert panelists will answer questions such as: How do I know if
I am located in an EZ? Which employees qualify me for the hiring tax credit?
And, how do I claim EZ tax incentives?
Businesses attending the seminar will learn:
How to earn over $35,000 in state income tax credits for each qualified
employee hired.
How to earn sales tax credits on purchases of $20 million of qualified
machinery and machinery parts.
How to take extra expense reduction on certain types of business
equipment.
How to apply unused tax credits to future tax years to stretch out
the benefit of the initial investment.
How to earn lucrative preference points when bidding on state contracts.
How to increase business cash flow when taking a 100-percent Net
Operating Loss (NOL) carry-forward; and Commercial lenders will learn
how to receive additional expense deductions when lending to businesses
in the Enterprise Zone.
The state of California officially established Compton’s Enterprise
Zone designation for a period of 15 years from Aug. 1, 2007 to July 31,
2022.
The designation makes Compton one of Los Angeles County’s newest
Enterprise Zones and gives Mayor Eric J. Perrodin and the City Council
an important economic development and stimulus tool that will help the
city realize its mission of “Birthing a New Compton.”
The free seminar will include a breakfast buffet. Seating is limited.
Please RSVP by calling the Enterprise Zone Administration at (310)
761-1431 or (310) 761-1452 or e-mail rojones@comptoncity.org.
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