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January 2011: Brown Looking to Close $28 Billion Dollar Deficit Gap

January 2011: Brown Looking to Close $28 Billion Dollar Deficit Gap

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Published by: SingerLewak on Apr 15, 2011
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Brown Looking to Close $28 Billion Dollar Deficit Gap
January 2011
Our new California Governor Jerry Brown is looking to close the $28 billion dollar deficit gap by proposing to eliminate all Geographically-Targeted Economic Development Area (Enterprise Zone, Targeted Tax Areas, Manufacturing Enhancement Areas, and Local Agency Military Base Recovery Areas) tax credits and incentives. These programs provide tax benefits such as the hiring credit, credit for sales tax paid, and interest tax deduction. The purpose of these programs is to strengthen the economic growth and the creation and retention of jobs in commercial, industrial and residential areas throughout the state. Brown’s proposed budget threatens to eliminate all of these tax benefits for newly earned credits. His proposal is inconsistent with the policies promoting economic development, job creation and community revitalization. If you are a business owner and not taking advantage of the tax credits and incentives that these programs offer, this is the time to act. Please contact our tax professionals to discuss how these programs can benefit your business before their potential elimination. ________________________________________________________________________________________________________________ Thank you for your time and continued support of the Enterprise Zone program As always, please call if you would like to discuss any of these items further.

Your Tax Partners, Mark G. Cook, Partner Steven J. Cupingood, Partner John A. Eckweiler, Partner Dan B. Faulk, Partner Andrew L. Gantman, Partner Richard A. Linder, Partner David Neighbors, Partner Todd Northrup, Partner Javier Ramirez, Partner Thomas E. Wendler, Partner Jon Widdowson, Partner Michael Wu, Partner Don Leve, Partner

IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any matters addressed herein. Notice: Opinions, conclusions, and other information in this message are not intended to represent recommendations or advice to you or any other person. Each person’s circumstances are unique, and we strongly suggest you discuss your specific situation with your professional advisor before taking any action based on the information herein or information to which this message refers.



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