PASADENA ENTERPRISE ZONE
What is an Enterprise Zone?
The Enterprise Zone Program is a State of California economic initiative that stimulates economic growth and business investments within economically disadvantaged areas that are in need of job growth and private investment. The State of California originally designated 39 cities in California as having an Enterprise Zone Designation. As one of the original designated cities, Pasadena received its first designation on April 10, 1992, which expired on April 9, 2007.
In 2006, Pasadena submitted an application for a new 15-year designation and successfully became the fifth City to receive final designation. The new 15-year designation will begin on April 10, 2007 and expire on April 10, 2022.
Pasadena also submitted two expansion applications to the Department of Housing and Community Development. In 2008 the State approved both expansion applications. For businesses located within this approved expansion area, the effective dates are March 6, 2008 until April 10, 2022.
What this means to existing Pasadena businesses
If your business location is within the previous, new, or within both the 1992 and 2007 Enterprise Zone designations, your business can take advantage of significant state tax credits savings through: Hiring Credits, Sales and Use Tax Credits, Business Expense Deductions, Net Operation Loss Carryover, and Net Interest Deductions for Lenders.
What this means to new Pasadena businesses
The Enterprise Zone Designation adds to the allure to opening or relocating a business to Pasadena. Our business-friendly environment, significant tax credit savings, and local permit fee waivers help reduce the cost of doing business and offer great living opportunities for employees.
Information & Documents...
DISCLAIMER: Facts and circumstances vary from business to business. Please consult your tax professional about your particular situation.
Last Modified on 09/28/2010