The Enterprise Zone Program creates a significant tax savings opportunity for businesses in designated areas. KBKG's services allow businesses to take full advantage of the opportunities and obtain maximum credits, with minimum disruption to the business.

• Hiring Tax Credit: By far the most lucrative, and complicated, tax credit available through the Program is the Hiring Tax Credit. The hiring tax credit allows an employer to take credits of up to $37,440 per qualified employee, based on wages over a five year period from the date of hire. This program requires that the taxpayer obtain a State-based voucher for each qualified employee.
• Sales and Use Tax Credit: Taxpayers may be eligible to claim credits on sales tax of qualified property purchased for the business, such as machinery, computers, fax machines, etc.
• Business Expense Deduction: Accelerated depreciation is available for tangible personal property purchased by a business in the Enterprise Zone. The business may elect to treat 40% of the eligible cost of qualified property as a business expense rather than a capital expense. The business expense deduction must be claimed by making an election on the original return filed.
• Net Interest Deduction for Lenders: Net interest earned can be excluded on loans made to a business located solely in an Enterprise Zone.
• Net Operating Loss Carryover: Businesses operating within an Enterprise Zone can take Net Operating Loss deductions and carry them forward for up to 15 years.

ADDITIONAL EZ LINKS AND RESOURCES: