Enterprise Zones - Craig Johnson - May 6th 2011
Friday, May 6, 2011 at 10:30AM 
Please Help us save the Enterprise Zones. Read Craig's Letter on the subject and how you can help! Click Here!
Craig Johnson currently serves as Special Projects Officer and Manager of the Long Beach Enterprise Zone (EZ). He has been involved in the Enterprise Zone program since 2000 and prior to joining the City of Long Beach, served as EZ Manager for the county of Los Angeles.
Mr. Johnson serves as President of the California Association of Enterprise Zones (CAEZ), the only statewide organization dedicated to representing the economic development interests of the 42 EZs in the state of California.
Mr. Johnson has spent the past 20 years in public service, including managing the largest technology Incubator in the State of California. Prior to that, he spent five years as a lobbiest for First Interstate Bank of California and two years working for a member of Congress.
Earlier this year the Governor put forth a proposal to cut funding to the Enterprise Zone program. Effectively ending the EZ program and the benifits they provide citys to bringing and growing business in these areas. California is already has a reputation as less than friendly towards business. Come and listen to Craig Johnson discuss what the loss of these EZs could mean to Long Beach, what is the current status of EZs politically in Sacramento and what can be done fight this.
I encourage you to Join us Friday May 6th for this informative meeting with a great speaker.
What benifits do Enterprise Zones provide. (Exerpt from a Blog Article by Chris Barbieri)
"Enterprise zones (“EZ”) are state sanctioned geographic locations that provide economic incentives for companies to locate and grow within a “disadvantaged” area. Basically, it’s an incentive to get companies to move into and expand in certain areas. The companies bring revitalization and create jobs, and in return the state will give you tax breaks. The EZs are planned out and administered by the city they occupy. There are standard benefits they offer as well as additional city specific.
So what are the standard benefits you ask… you didn’t ask?; I’m sure you were about to so let me pontificate.
- $37,440 Hiring credit per “Qualified” Employee over 5 years: If you hire a new employee and they meet ONE of the 14 Criteria (click here for a list of the criteria). You can claim a $7,488 per year per qualified employee in tax credits for 5 years. State taxes only, the federal government does not feel that employing people is worth a tax credit.
- 100% Sales Tax Credit for purchasing “Qualified” (there’s that word again) machinery, parts, & depreciable equipment. This can be office equipment, computers, servers, etc., or manufacturing equipment. There is a lot of nuance to this section, It is worth a call to a tax firm like, The CPA office of Shady, Shady & Questionable, LLP to see what you can get away with.
- 100% of Net Operating Losses for a business in the EZ can be carried forward for up to 15 years: So if you are losing money hand over fist in this current economic recession, fell good that after you have sold the business at fire sale pricing, the new owner can take the tax loss in the future. Hey, maybe there is a whole business opportunity of selling these business losses to the bourgeois capitalists out there.
- Upfront expensing of certain depreciable property. As a business owner you can expense the whole value of some assets in the year purchased. No waiting for 5 or 7 years to depreciate assets. Again talk to your accountant about what qualifies, if they don’t know, what the heck are you paying them for?
- No state taxes on interest income for loans made on to business in the EZ. While banks almost never pass the saving on to the business with lower loan rates. Loans from family, friends, and private money become more attractive to the lender. Yes, it is another advantage to present to your relatives to fleece them out of more of their money.
Some cities also try to sweeten the pot to get you to come to their city and become a stalwart upstanding source of revenue."
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