Small business tax services in Santa Rosa can help local entrepreneurs save considerable money. They will be even more valuable if the county approves new initiatives to make new tax credits available to them. Are you interested in taking advantage of them?
The Sonoma County Economic Development Board is trying to expand the tax credits available to local businesses. They have introduced some new tax credits that were made available under the California Competes bill, which was passed by Governor Brown two years ago.
Under the new program, business owners in Santa Rosa, Petaluma and other major Sonoma County cities would be eligible for up to $31 million in tax credits. However, many companies may need the assistance of local tax experts to navigate the new systems.
A number of factors are stimulating the Sonoma County economy. These factors include the release of Pliny the Younger, warmer weather and the growing craft beer industry. However, the positive impacts from these factors could be temporary, so small business owners will need to pursue more long-term plans to maintain growth. The new tax credits the Economic Development Board has proposed will be enormously valuable for them.
Sonoma County Economic Development Board Program Manager Tim Ricard is confident that many local businesses will benefit. Ricard said that the subsidy application only takes a few hours to complete.
“You can possibly get $50,000 for a few hours’ work,” Ricard told The Press Democrat. “That’s a pretty good return.”
Several businesses have reportedly already received these benefits. MAC Thin Films Inc. was approved for $100,000 in credits over the next four years if it meets job creation requirements.
However, many small business owners may struggle to complete this documentation. The Economic Development Board hasn’t released many specifics about the requirements, so it is safe to assume that many entrepreneurs will need to the assistance of small business tax services in Santa Rosa.
While you will need to request an application to see what the eligibility requirements are, some of the details of the California Competes tax credit are available on Governor Brown’s website. Here are some of the requirements that Santa Rosa businesses must be aware of:
· The tax credits are available to California businesses that intend to expand.
· Approximately a quarter of the funds are available to small businesses with revenues under $2 million, so these businesses may have an easier time receiving funding.
· Businesses should demonstrate a commitment to paying fair wages to their employees, because the bill tends to give preference to such employers.
· Companies that receive letters of support from local government officials are more likely to be awarded tax credits.
The funding is available to businesses in any industry that want to grow in California. Companies in emerging industries are definitely encouraged to apply for the California Competes tax credits.
If you would like to apply for the tax credits, then you should try to learn as much as possible about the initiative. You should either speak with the Sonoma County Economic Development Board or an accountant that offers small business tax services in Santa Rosa. They can provide more details to assist you.
While the economy in Santa Rosa is growing strongly, small businesses must still take all possible measures to expand. The California Competes tax credits are among the best opportunities available to them. If you are interested in these credits and need help applying for them, then please feel free to contact us. We offer small business tax services in Santa Rosa and will be happy to assist you!
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