Follow-Up: Briefing on the Governor’s Economic Development Initiative

The Los Angeles County Economic Development Corporation (LAEDC) hosted a Briefing on the Governor’s Economic Development Initiative on Thursday, August 8th from 2pm-3pm. This event was meant to educate attendees on new tax credits that can benefit businesses in California. AB93 and SB90 together comprise the new tax credits, and include the following components:

Sales Tax Exemption
“The existing sales tax credit for businesses located in Enterprise Zones will be expanded to a statewide sales tax exemption on manufacturing equipment or research and development equipment purchases by companies engaged in manufacturing or biotechnology research and development.”

Hiring Credit
“The hiring credit is for businesses located in census tracts with the 25 percent highest share of both unemployment and poverty in the state.”

Investment Incentive
“Businesses will have the opportunity to compete for available tax credits.”

Former Enterprise Zone Program
“Taxpayers will be allowed to continue using Enterprise Zone carryover credits for 10 years and will be able to continue to earn hiring credits for employees hired prior to January 1, 2014.”

To read more, please check out the following links:
GO-Biz Releases Briefing on New Business Incentives Included in Governor Brown’s Economic Development Initiative
California Economic Development Initiative: An Informational Briefing
Governor’s Office of Business and Economic Development

The Warner Center Association creates and enhances opportunities and fosters programs for the benefit of Warner Center's business and property owners, and all stakeholders. WCA advocates for pro-business public policies, particularly those affecting land use and business incentives in the Warner Center community.