Tag: Ftb

The IRS gave us new guidance today, slightly revising the definition of a “disconnected youth” and extending the transitional relief period by two additional months.
According to IRS Notice 2009-69, a disconnected youth now includes individuals who have held a job since graduating from high school or earning a GED, as long as they have worked only “occasionally.”  Previously, if a person meeting the other definitions of a disconnected youth had graduated (or received a GED Certificate), they could not have held a job between the date of graduation  and their hire date by the qualifying employer. (more…)

California Legislators and Governor Arnold Schwarzenegger reached deal a Monday evening on steps to close California’s $26 billion budget hole. According to the limited reports available at this time, no tax increases were involved. There are, however, very large budget cuts to various state social services, education, and corrections. (more…)

In a post I made on July 16th, I mentioned a Los Angeles Times Article about the proposal of a new enterprise zone around the United Motor Manufacturing Inc. automobile plant in Fremont. The proposal is part of an emergency attempt to keep the plant open. Since the 16th, the story has been popping up in newspapers all over the State of California. (more…)

A recent press release from the New York State Department of Labor.
Thousands of Dollars in Federal Work Opportunity Tax Credits, Training Grants Available for Businesses, Layoff Aversion Programs Available for Businesses in NYC
New York City, NY (July 06, 2009) – At a press event at Modell’s Sporting Goods in Harlem, State Labor Commissioner M. Patricia Smith and Chairman Charles Rangel today outlined a wide range of initiatives administered by the NYS Department of Labor designed to help businesses in New York City weather the current recession. These include federal Work Opportunity Tax Credits (WOTC) for new hires, training programs and an initiative that helps companies avoid potential layoffs. In New York City, the area’s unemployment rate (not seasonally adjusted) was 8.7 percent in May 2009, compared with 7.8 in April and 4.8 in May 2008. (more…)

There was a spree of negative press in June, stemming from a study by the Public Policy Institute of California, which concluded that California’s enterprise zone program was not beneficial. However, there have been two other recent studies which concluded that the program is beneficial to California’s enterprise zone communities. One of these was published in February by researchers at the University of Southern California. (more…)

A short article by California State Senator Bob Dutton (R) was published in the San Bernardino Sun and Inland Valley Daily Bulletin was republished on the Senator’s blog this week. Click here for entire article. Senator Dutton’s District 31 includes the southwestern portion of San Bernardino County and the northwestern portion of Riverside County.
Senator Dutton supports California’s Enterprise Zone Program. (more…)

The $1.7 million grant was awarded to The Fresno Area Hispanic Foundation and has a direct impact on the local enterprise zone.
Read from Congressman Costa’s website:
WASHINGTON, DC- Today, Congressman Jim Costa (D-Fresno) announced that a total of $1.7 million has been awarded to the Fresno Area Hispanic Foundation to help renovate and expand a commercial building to serve as a business incubator for Fresno’s designated enterprise zone. Funding was released through the US Department of Commerce made available through the Economic Development Administration. (more…)

The California Franchise Tax Board’s July 2009 Tax News came out yesterday. One of the items is of interest to enterprise zone businesses — and especially banks that loan money to enterprise zone businesses. It was previously the FTB’s policy to disallow the enterprise zone net interest deduction for otherwise qualifying loans made to non-profit organizations. That policy has been changed. (more…)

Late last week, the California Yuba Sutter Enterprise Zone received the long-anticipated approval of its new Targeted Employment Area. The effective date of this Targeted Employment Area stretches back retroactively to October 15, 2006 – the effective date of the Yuba Sutter Enterprise Zone itself. (more…)

As you may recall, the American Recovery and Reinvestment Tax Act of 2009 expands the Work Opportunity Tax Credit Program to include two new eligibility categories — Disconnected Youth and Unemployed Veterans. (more…)