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SCV business benefiting from EZ credits

Hundreds of Santa Clarita companies saving money and adding new jobs

Posted: August 23, 2011 11:37 a.m.
Updated: August 23, 2011 11:37 a.m.
 

More than 300 businesses are benefiting from hiring tax credits from the Enterprise Zone program, the city of Santa Clarita reported Tuesday.

The city of Santa Clarita reported 301 companies participating in the program range in size and industry; from large corporate entities such as Citibank, 24 Hour Fitness, and Vons, to more localized businesses such as Animal Medical Center, Aerospace Dynamics, and Sabor Cocina.

The Santa Clarita Enterprise Zone is one of 42 programs in California, providing special state tax incentives to qualified businesses.

The program has saved local companies an estimated $154 million and created 801 new jobs since its inception in 2007, the city reported.

Also, more than 4,114 people have been hired into existing jobs through the tax credit program benefiting local companies.

Businesses can reduce their state income tax by up to 50 percent on their tax returns, allowing them to reinvest money in the business.

“These are tough economic times for companies across the country and certainly for businesses in Santa Clarita,” said city of Santa Clarita Mayor Marsha McLean. 

“The Enterprise Zone program is helping companies of all sizes in our community, providing incentives for business expansion, job retention, and growth.”


Valley-wide
The Santa Clarita Valley Economic Development Corporation has a valley-wide Enterprise Zone program waiting final approval.

The Santa Clarita Valley Enterprise Zone will allow companies in the unincorporated areas to benefit from the same tax hiring and equipment purchase benefits as companies located within the city currently enjoy.

“We expect a resolution very, very shortly,” said Josh Mann, manager of business retention and marketing for the SCVEDC.

Expecting approval shortly, the city of Santa Clarita and SCVEDC are working together to roll out the benefits of the Enterprise Zone to all businesses within the Santa Clarita Valley.

“There’s no need to reinvent the wheel,” Mann said.

The SCVEDC is working with the city to put together a marketing plan in preparation to roll the program out to businesses throughout the entire Valley, he said.

City to administer
The two entities want to get the word out to companies who have not been previously been able to participate and let them know how successful the program has been for local businesses.

The city of Santa Clarita is working with the county and the SCVEDC on the program and marketing it to make sure all the businesses are aware of the benefits, said Jason Crawford, marketing and economic development manager for the city of Santa Clarita.

“The city will be administering the program for the whole Santa Clarita Valley,” Crawford said.

Businesses interested in more information about the program should visit SantaClaritaValleyEZ.com of call the city of Santa Clarita’s Economic Development Office at (661) 255-4347.  

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