What is an Enterprise Zone?

An Enterprise Zone is a defined geographical area within which businesses can obtain savings against their California income tax, plus other incentives designed to stimulate business investments. The Kings County Enterprise Zone was designated by the California Trade & Commerce Agency based on certain eligibility criteria and a commitment by the local governments to pursue a pro-business development strategy. The purpose of zone designation is to lower unemployment in areas where it is chronically high, and to promote investment where it has traditionally lagged. The Kings County Enterprise Zone was officially designated on June 22, 1993.

What Types of Benefits are Available?

1. Sales and use tax credits equal to tax paid on the first $20 million (corporations) or $1 million (non-corporations) of machinery costs per year.
2. First-year business expense deduction for tangible personal property.
3. Tax credit carry forward.
4. Up to 100% net operating loss carry forward.

1. $19,000 or more per employee in tax credits over five years for hiring qualified employees.
2. Specialized training programs.
3. Recruitment and prescreening of qualified applicants.
4. Interviewing facilities and assistance.

Financing Incentives Low-interest loans. Loan guarantees. Tax-exempt industrial revenue bonds. Net interest deduction for lenders. Business counseling. Specialized business loan officer. Other Incentives Low-cost industrial land. Infrastructure development agreements. Fast-track planning process. Preference points on state contracts.

For businesses or individuals who wish to find out more about economic development opportunities in Lemoore, please contact: Judy Narbaitz, jnarbaitz@lemoore.com, Economic Development Analyst, (559) 924-6704.

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