The Enterprise Zone Program at HCD has been responsible for the designation and administrative oversight of the 42 Enterprise Zones authorized by the State legislature. Targeting economically distressed areas throughout California, the program provided special incentives designed to encourage business investment and promote the creation of new jobs.
The purpose of the program was to stimulate economic development by providing tax incentives to businesses enabling private sector market forces to revive the local economy. Each Enterprise Zone is administered by its local jurisdiction working with local agencies and business groups to promote economic growth through business expansion, attraction, and retention, while providing an environment to nurture business creation as well.
The End of the Program
Current legislation allows Zones to issue vouchers for the Hiring Tax Credit during 2014 for eligible hires made prior to 12/31/2013. Applications for voucher certificates must be made and the certificate issued by December 31, 2014. Those wishing to apply are urged to do so well ahead of the December 31, 2014, deadline order to allow sufficient time to process the application and certificate.
Legislative action has resulted in the repeal of the Enterprise Zone Act and the dissolution of Enterprise Zones. In order to allow Enterprise Zone businesses an opportunity to apply for hiring tax credits already earned for qualified hires made through December 31, 2013, vouchers were applied for and issued until December 31, 2014.