Category Archives: FTB
About a year ago, we reviewed the status of the business incentive programs that California enacted as replacements for the Enterprise Zone program: When California did away with its enterprise zone tax incentive program in 2013, it replaced that program with three new tax incentives: (1) the California Competes tax credit, (2) a partial sales […]
We recently reviewed the status of California’s business incentive programs that replaced the Enterprise Zone program in 2013. We noted that the New Employment Credit (NEC) seemed to be falling significantly short of expectations. The legislation included a requirement that the FTB report to the Legislature each year on the performance of that credit and, […]
When California did away with its enterprise zone tax incentive program in 2013, it replaced that program with three new tax incentives: (1) the California Competes tax credit, (2) a partial sales tax exemption on manufacturing and R&D related equipment, and (3) the New Employment hiring tax credit (NEC). At the time, a press release […]
The California FTB will hold an interested parties meeting on February 19, 2015 to discuss the requirement in the new California Competes Tax Credit that FTB review the books of taxpayers awarded the credit. From the announcement: Topic On November 7, 2014, the Franchise Tax Board issued FTB Notice 2014-02 to inform taxpayers of the […]
The FTB has posted a notice explaining its procedures for reviewing the books of taxpayers who are awarded California Competes Credits.
From the Governor’s website: SACRAMENTO – Building on efforts to grow California’s economy and help businesses create jobs, Governor Edmund G. Brown Jr. today announced new tax incentives for employers hiring workers in Fresno, Merced and Riverside. “The state’s economy is steadily improving and more than a million Californians are back to work after the […]
In FTB’s March “Tax News” includes a section regarding the timing of obtaining Enterprise Zone vouchers for qualified employees hired before 1/1/2014. FTB makes clear their position that taxpayers will not be be allowed to claim a credit unless they have a voucher from the local zone, even if they have the documentation to support […]
The FTB has made numerous updates to its New Employment Credit page.
Here is the FTB Tax News newsletter for February 2014. Pages 5-7 explain changes related to the elimination of the Enterprise Zone credits. Page 15 discusses the New Employment Credit.
The FTB has relaunched its online mapping tool of Designated Geographic Areas for the New Employment Credit: http://maps.gis.ca.gov/gobiz/dga/.
The California Legislature recently passed AB 1173 enabling recipients of the film production tax credit to reduce their tentative minimum tax for tax years starting in 2011 with the credit. Clearly the Legislature recognized that a credit which is unable to reduce TMT is severely limited in its usefulness. The BOE confirmed in the 2009 […]
The FTB has released an online mapping tool to see if addresses are located within the new “Designated Geographic Areas”: http://maps.gis.ca.gov/demos/gov/1994/ftbdesign.html.
The FTB has published a page of FAQs dealing with the repeal of the Enterprise Zone program and the new tax incentives enacted to replace it.
FTB’s September 2013 “Tax News” newsletter has the following to say about changes to the Enterprise Zone program: Assembly Bill 93, signed into law on July 11, 2013, repeals all enterprise zones on January 1, 2014. Another major change limits any credit carryovers for qualified employers, including entity flow-through owners, to 10 years for taxable […]