Industrial companies and nearly all commercial businesses in the City of Lodi are now within the San Joaquin County Enterprise Zone, making them eligible for tax credits and deductions retroactive to June 22, 2008.
A meeting to help Lodi business learn the benefits of being in the San Joaquin County Enterprise Zone is scheduled from 5:15 p.m. to 6:30 p.m. Tuesday, Nov. 17, at Oak Ridge Winery, 6100 E. Victor Road. Representatives from the county's Economic Development Department will be there to answer questions.
The Zone has been operating under conditional designation since June 2008. Already one of the largest Enterprise Zones in the State, this final designation expands the Zone to 656 square miles, which includes over 55 square miles of commercial and industrial property.
In Lodi, the zone includes all industrial zoned parcels, most of the commercial corridor on Kettleman Lane throughout Lodi and most other commercial areas. The San Joaquin County Enterprise Zone boundaries may be viewed here (pdf viewer required).
The California Enterprise Zone Program targets economically-distressed areas using special State and local incentives to promote business expansion and job creation. By encouraging entrepreneurship and employer growth, the program strives to create and sustain economic expansion in California communities.
The State most recently approved the Targeted Employment Areas for the zone, which includes most Lodi neighborhoods. Businesses can receive significant tax credits simply by hiring residents who live in the designated Census tracts as shown in the yellow shaded areas below:
Tax credits for businesses within the enterprise zone can include:
- Up to $37,440 in State tax credits for each qualified employee hired;
- Sales tax credits on purchases of $20 million per year of qualified machinery and machinery parts;
- Upfront expensing of certain depreciable property;
- Lenders to Zone businesses may receive a net interest deduction;
- Apply unused tax credits to future tax years, stretching out the benefit of the initial investment;
- Earn preference points on state contracts;
- Carry forward up to 100% Net Operating Loss.
For more information, contact the Economic Development Association at (209) 468-3615, or visit www.sjcez.org. |
