If your clients are located within one or more of California's Enterprise Zones ("EZ"), they may be entitled to six different types of tax credits and incentives. Since October 15, 2006, California has added, expanded or renewed 23 zones throughout the state. Currently there are a total of 42 Enterprise Zones throughout the state -- from Yreka in the north to San Diego in the south.

The California EZ program allows businesses located within designated areas across the state to claim credits and deductions from everyday business operations, such as employing staff and purchasing assets. This could result in tax deductions of up to $37,440 per qualified employee over a five-year period. On qualified machinery and equipment used exclusively in an EZ, the entire amount of sales tax paid can be recovered.

Outline:

I. Introduction
a. About your presenter
b. About KBKG

II. State of the Industry
a. Overview of the EZ Credit
b. Reduced ability to use tax credits
c. Strict documentation standards
d. Most highly audited credit
e. Auditing standards becoming more standardized
f. Recently expired, re-designated, and new zones

III. Summary of Benefits
a. Hiring Credits
b. Sales Tax Credits
c. Business Expense Deductions
d. Net Interest Deduction of Lenders
e. 15-year net operating loss carryover
f. Suspension of NOL’s for some taxpayers (2008 & 2009)

IV. Recently Enacted or Suggested Legislation / Hot Topics

V. Open Questions