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What Is It?
The Enterprise Zone program was developed by the California State Legislature to stimulate business and employment growth in targeted areas.
The City of Oakland received an initial 15-year Enterprise Zone designation in 1993. The Zone was renewed in 2008. Oakland businesses in the Zone - from large manufacturing companies to small neighborhood restaurants - can reduce their state taxes by taking advantage of Enterprise Zone benefits.
Where Is It?
The Oakland Enterprise Zone is one of the largest urban Zones in California, encompassing more than 27 square miles and more than 10,000 businesses in Downtown, Airport, Port, and several industrial and manufacturing areas.
Within the Zone's borders are Class A institutional quality office towers and unique retail locations, as well as affordable manufacturing and commercial sites. The Zone is within immediate access of five major freeways; the Port of Oakland; the Oakland International Airport; and a wide range of educational facilities, housing and other amenities. These assets add up to an increasingly powerful ability to aid current businesses and attract new companies, jobs and investment.
How Can the Enterprise Zone Benefit You?
The Enterprise Zone program offers businesses that reside within its borders the opportunity to reduce their State business income taxes through a variety of tax benefits.
Businesses located in the Enterprise Zone are automatically eligible for Zone benefits-- no certification process is required. For example, if your business is located in the Enterprise Zone, you can receive tax credits every time you hire an eligible new employee or purchase qualified new machinery or pollution control devices.
Tax credits also are available to lenders who make loans to businesses in the Zone, and to low income employees who work in the Zone.
For more information, visit www.ezoakland.com or call (510) 238-7794.