California Gov, Jerry Brown recently issued his revised budget proposal. In his proposal, Gov. Brown once again targeted the Enterprise Zone program. However, rather than proposing to eliminate the program in its entirety, the governor has chosen to substantially restrict most of its benefits, including eliminating benefits retroactively.
The two most significant benefits of the Enterprise Zone program are the hiring credit and the sales and use tax credit (EZ Credits). The hiring credit is a credit available to taxpayers who hire certain qualified employees to work within an Enterprise Zone area. The sales and use tax credit is a credit for sales tax paid on purchases of machinery and machinery parts used to fabricate or manufacture a product that is used in an Enterprise Zone area. Each of these credits rewards taxpayers who invest in economically depressed areas. However, the governor's proposal would substantially limit these benefits.
Gov. Brown's revised proposal, if adopted, would change the Enterprise Zone program as follows...
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