The Legislature has begun to propose new legislation to clean up issues created in the wake of hasty passage of AB 93 and SB 90. The first such bill is SB 100 which would extend the deadline for taxpayers to take advantage of the sales or use tax credit portion of the Enterprise Zone incentives. As it stands, qualified equipment needs to be not only purchased, but also placed into service by the end of 2013. SB 100 would allow a credit for equipment purchased before 1/1/2014 as long as it is placed in service before 1/1/2015.
We expect to see more of these kinds of bills including legislation to clarify that the local zone administrators should continue issuing vouchers for qualified employees even past the end of the year.