Known as the Global Gateway to the Pacific and the Connection Hub between Asia and Latin America, Los Angeles’ trade topped $403.96 billion in 2012, making it the first and only U.S. Customs district to surpass $400 billion in a single year. Los Angeles ranks highest in manufacturing and is the creative capital of the world.
Governor’s Office of Business and Economic Development (GO-Biz)
The Governor’s Office of Business and Economic Development (GO-Biz) serves as the state of California’s single point of contact for economic development and job creation efforts.
New California Incentives
AB93 and SB90 reshape and strengthen the state’s economic development tax programs to bolster California’s business environment and put Californians back to work. Building upon the framework of existing targeted programs, these bills redirect roughly $750 million annually from the current geographically limited Enterprise Zone program to three new business incentive programs.
- Sales Tax Exemption
The existing sales tax credit for businesses located in Enterprise Zones will be expanded to a statewide sales tax exemption on manufacturing equipment or research and development equipment purchases by companies engaged in manufacturing or biotechnology research and development. A business will be allowed to exclude the first $200 million equipment purchases form the state share of sales tax (4.19%) beginning on 7/1/14. The sales tax exemption will be available statewide until 6/30/22.
- Hiring Credit
The hiring credit is for businesses located in census tracts with the 25 percent highest share of both unemployment and poverty in the state. The hiring credit also applies to current Local Agency Military Base Recovery Areas (LAMBRA) and Enterprise Zone boundaries excluding wealthy areas. The hiring credit also reinstates the boundaries for two recently expired Enterprise Zones in Antelope Valley and Watsonville. The hiring credit will be available for the hiring of long-term unemployed workers, veterans within 12 months of separation from service, people receiving the Federal earned income tax credit, ex-offenders and recipients of CalWorks or general assistance. The hiring credit will only be allowed to taxpayers who have a net increase in jobs. The hiring credit will be 35 percent of wages between 1.5 and 3.5 times the minimum wage for a period of five years. In five pilot areas designated by GO-Biz the credit will be calculated on wages starting at $10 per hour. the hiring credit is available for employees hired between 1/1/14 and 1/1/21.
- Investment Incentive
The California Competes Credit will be created and administered by GO-Biz. Businesses will have the opportunity to compete for available tax credits. Criteria for competition includes the number of jobs to be created or retained, the extent of poverty in a business development area, a minimum compensation limitation and a set job retention period. Approval of any proposed incentive will be made by a five member committee composed of a representative from the Treasurer’s office, Department of Finance, GO-Biz, the CA Senate and CA Assembly. Approved credits may be recaptured if a business fails to fulfill the terms and conditions of the contract. 25% of these credits will be designated for small businesses.
- Former Enterprise Zone Program
Taxpayers will be allowed to continue using Enterprise Zones carryover credits for 10 years and will be able to continue to ear hiring credits for employees hired prior to January 1, 2014.
- About GO-Biz
- California Business Permitting
- International Trade & Investment
- Foreign Investment Services
- Business Incentives
- EB-5 Investor Visa Program
- Staff Directory
TeamCalifornia – California economic development organizations
TeamCalifornia is a private, non-profit California membership-based corporation that brings together economic development organizations from across the state to market their communities for business investment and job creation in California. TeamCalifornia’s members are important advocates and resources for business development in California; they know how to expedite projects and are invaluable sources of information for site location assistance anywhere in the state.
The Los Angeles Metro Foreign Investment Initiative Regional Partnership
The Los Angeles Metro Foreign Investment Initiative Regional Partnership includes the counties of Los Angeles, Orange, Riverside, San Bernardino, and Ventura.
The Los Angeles Mayor’s Office / La Oficina del Alcalde de Los Angeles
LA OFICINA DEL ALCALDE DE LOS ANGELES
Los Ángeles es donde el mundo crea e innova. La oficina del Alcalde de Los Ángeles es la agencia líder para el comercio internacional y la inversión el la región. El tamaño de los mercados en Los Ángeles, el acceso de la ciudad al mundo, la amplitud de recursos, la calidad de la mano de obra en la región y el gran clima, son sólo algunas de las razones de por qué negocios de todo los tamaños vienen aquí, se quedan y prosperan.
La Oficina del Alcade apoya a los negocios internacionales en Los Ángeles, trabajando para mantener y hacer crecer la relevancia en sector:
– Expandiendo el papel de la ciudad como un líder internacional en comercio, entrentenimiento, turismo, manufactura, tecnología limpia, y servicios profesionales.
– Sirviendo como el punto de contacto para empresas extranjeras que desean expandir sus operaciones en Los Ángeles.
– Asistiendo a empresas extranjeras mientras navegan por el sistema de regulación de la ciudad.
– Promoviendo a Los Ángeles como centro internacional de comercio, tendiendo un puente entre los países del pacífico, América Latina y la economía de la ciudad.
– Estableciendo y manteniendo una red de comercio internacional
Los Angeles Economic Development Corporation (LAEDC)
LAEDC serves Los Angeles County through its free business assistance and attraction programs, economic research, fee-supported economic and policy analysis, and public policy leadership.
Southern California Edison (SCE)
SCE Economic Development offers a variety of economic development tools and resources.
Certified Economic Developer (CEcD)
Steven L. Kinney, President of the Economic Development Corporation of Oxnard (EDCO) and a Certified Economic Developer, discusses necessary skills and resources for careers in economic development.