A.V. CHOSEN AS ENTERPRISE ZONE FINALIST : PALMDALE-LANCASTER ALLIANCE VIES FOR STATE BUSINESS DESIGNATION.Byline: Jim Skeen Daily News Staff Writer The Antelope Valley This article is about the Los Angeles County region. For the census-designated place in Wyoming, see Antelope Valley-Crestview, Wyoming. The Antelope Valley has been picked as one of three finalists for two designations as state enterprise zones offering tax breaks and other incentives to attract businesses. A joint Palmdale-Lancaster application will vie against applications from Watsonville in Santa Cruz County Santa Cruz County is the name of two counties in the United States:
``We're going to do everything we can to earn a designation as an enterprise zone,'' Palmdale Mayor Jim Ledford said Thursday. ``It's important for our state. It's important for us to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. our job base.'' The finalists will submit final applications by Aug. 1 to the state Trade and Commerce Agency. The two cities selected for the designations are expected to be announced To be announced (TBA) A contract for the purchase or sale of an MBS to be delivered at an agreed-upon future date but does not include a specified pool number and number of pools or precise amount to be delivered. Dec. 1, state commerce officials said. The final application will include an environmental impact report, details on how the zone will be managed, and what Palmdale and Lancaster's plans are for roads and water and sewer lines Noun 1. sewer line - a main in a sewage system sewer main main - a principal pipe in a system that distributes water or gas or electricity or that collects sewage in the zone for the next 15 years, officials said. The bill providing the two enterprise zones contains language requiring the state to award the designations to communities with rapid growth and with large numbers of displaced displaced see displacement. workers. Once final designees are announced, selected applicants will become eligible for the following incentives: A tax credit for sales or use tax paid on the first $20 million of equipment or machinery purchased. A hiring credit for wages paid to employees hired through specific programs during the employees' first five years on the job. A 15-year carry-over of net operating losses Net operating losses Losses that a firm can take advantage of to reduce taxes. . Deductions for interest income earned on investments. Qualified employees may take a credit on their individual tax returns for a portion of the wages they earned working for a firm located within an enterprise zone. Each designation is for a period of 15 years, state commerce officials said. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion