The City of Santa Clarita, Los Angeles County, and the Santa Clarita Valley Economic Development Corporation announced Monday that the California Department of Housing and Community Development has approved all details of the new Santa Clarita Valley Enterprise Zone designation.
This means businesses in the expanded zone area may now begin processing vouchers for qualified employees and taking advantage of the tax savings available through the program.
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The Santa Clarita Valley Enterprise Zone benefits are retroactive to January 1, 2011 with benefits continuing through January 1, 2026. Businesses in the expanded areas are now able to process vouchers and enjoy tax benefits of the Enterprise Zone program.
“This is truly a great day for the Santa Clarita Valley business community,” commented City of Santa Clarita Mayor Laurie Ender. “We know the Enterprise Zone is the area’s leading business attraction and retention tool and now even more companies can begin saving money and reinvesting in their businesses.”
The Santa Clarita Valley Enterprise Zone encompasses 14,440 acres of commercial and industrial land in the City of Santa Clarita and unincorporated areas of the Santa Clarita Valley, and includes the Commerce Center, Six Flags Magic Mountain, and the new Disney/ABC Studios at the Ranch.
“The final designation of the Santa Clarita Valley Enterprise Zone marks the beginning of a strategic opportunity to create jobs and strengthen the Valley’s reputation as a dynamic community to grow a business,” said Supervisor Michael D. Antonovich. “Implementing an aggressive targeted marketing plan will attract new businesses, jobs and investments in the Santa Clarita Valley.”
Since 2007, the Enterprise Zone program has helped 345 Santa Clarita businesses save an estimated $199 million on their state taxes, in addition to creating more than 976 new jobs in the community.
“The expanded Santa Clarita Valley Enterprise Zone gives our community a competitive advantage. The Enterprise Zone has been and will continue to be a significant tool in attracting premier businesses to the Santa Clarita Valley,” said Jonas Peterson, President/CEO of the Santa Clarita Valley Economic Development Corporation. “We look forward to partnering with the City and Los Angeles County to share information about the program, its benefits, and successes to engage more local businesses and attract regional and national companies looking to relocate.”
In 2010, the City of Santa Clarita, Los Angeles County, and the Santa Clarita Valley Economic Development Corporation collaborated on an application to the state for an expanded, replacement zone, which would allow even more companies in the Santa Clarita Valley to take advantage of the tax incentive program. The replacement zone received preliminary approval in 2011, but today’s final designation means businesses in the newly-expanded areas can now submit vouchers for hiring tax credits, in addition to taking advantage of other Enterprise Zone-specific savings incentives.
For more information about the expanded Enterprise Zone designation or for a map detailing the Santa Clarita Valley Enterprise Zone boundaries, please visit SCVEnterpriseZone.com or call the City’s Economic Development Division at (661) 255-4347.