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City's 'Enterprise Zone' signs 100th business

Posted: June 1, 2009 5:48 p.m.
Updated: June 1, 2009 8:24 p.m.
 

The city of Santa Clarita's Enterprise Zone program will be celebrating another milestone this month with the acceptance of an Enterprise Zone Voucher Application from its 100th local business.

Since its designation as an Enterprise Zone on July 1, 2007, the city of Santa Clarita helped its local business community to realize immense tax savings.

In May 2009, the city received an application for the Enterprise Zone Program from Technifex, marking the 100th local business to apply for Enterprise Zone tax savings credits.

Technifex joined 99 other local businesses in taking advantage of the hiring tax credit option of the Santa Clarita Enterprise Zone.

Businesses in several industries take advantage of the hiring tax credits, including Egg Plantation, Valencia Car Wash, DME Direct, Clare Macaulay DDS, Inc., Magic Plastics and more.

"The Santa Clarita Enterprise Zone program can save a business owner approximately $37,000 over a five-year period on a single qualifying-employee," said Mayor Frank Ferry. "Our 100th business taking advantage of this program represents a potential savings of over $18.7 million to local businesses."

In addition to the hiring tax credit voucher, benefits including Sales or Use Tax Credits, Business Expense Deductions, and Net Interest Deductions on business loans are also available to businesses located in the Enterprise Zone. Benefits can translate into tens of thousands of dollars in State Income Tax savings for local businesses that use the Santa Clarita Enterprise Zone.

The owner of Valencia Acura in the Valencia Auto Center, Don Fleming, recently called Santa Clarita officials to let them know that the Enterprise Zone saved the business close to $60,000 on Income Taxes this year.

With 97 percent of all commercial, business and industrial-zoned land within the city of Santa Clarita included in the boundaries of the Santa Clarita Enterprise Zone, thousands of city of Santa Clarita businesses are eligible for similar tax savings.

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