San Francisco Enterprise Zone Tax Credits
Established in May 2007 the San Francisco Enterprise Zone is inclusive of various districts in the heart of the City. Business communities include: the Fisherman’s Wharf, Downtown and the Financial District, the Embarcadero, Mission District, Central Waterfront and more.
What are Enterprise Zones?
In 1984, the California Trade and Commerce Agency established Enterprise Zones (EZ) to foster economic development in depressed areas throughout California. Subsequently, the San Francisco Enterprise Zone was designated. The San Francisco Enterprise Zone's purpose is to revitalize depressed areas by offering tax incentives and reduce barriers to employment. Employers operating in the San Francisco Enterprise Zone can apply for Enterprise Zone credits to receive tax savings.
A Tax credit of up to $37,440 over a 5-year period per each qualified employee can be claimed by a business located in the Hollywood Enterprise Zone. An employee can qualify under any one of 13 different categories.
See if you qualify for the Enterprise Zone Tax Credit
Any business can benefit from these programs at the federal, state and local level. Depending on the locations and activities of a business it may be entitled to pre-existing incentives that only need to be appropriately documented in order to be claimed. Many businesses and their owners may file for refunds of prior taxes paid as well as offset future tax liabilities. While this process generally involves tax return preparation, it is unreasonable to expect tax preparers to identify each and every niche program available. KBKG’s goal is to augment tax preparers’ services to utilize these programs where beneficial.