AB 93 was recently passed by the legislature and signed into law. This bill eliminates the Enterprise Zone Program, effective at the end of this year (January 1, 2014).
Here is what this means for your business with regards to the Hiring Credit:
1) If you have already hired an employee and obtained a voucher certificate, you may continue to accrue tax credits for that employee, even if they continue to work for you after the end of this year. The tax credits will continue to carry forward for up to 10 years from the end of this year.
2) If you have hired an employee and have not yet obtained a voucher certificate, you should do so soon. While the legislation is clear that any employees hired prior to the end of the year would qualify, it is not clear whether we will still be able to process the voucher application after the end of this year. Therefore, you should submit your application before the end of this year to ensure that you are able to obtain your entitled benefits.
3) If you are thinking of hiring new employees in the near future and would like to take advantage of the credit, IT IS NOT TOO LATE! Any employees hired before the end of the year are still eligible, and you can continue to claim the credit for as long as they remain with you. Please contact the Hiring Credit Specialists immediately if you are interested in hiring an employee before the end of the year, so they can help make sure that you complete and the hiring process and the necessary paperwork in time to claim the credit going forward.