Tax Incentive Opportunities Abound For Local Businesses

SAN DIEGO - With tax season in full swing, the City of San Diego, in partnership with the Greater Golden Hill Community Development Corporation (CDC), the Business Improvement District Council and Grueskin Location Strategies, will hold two free workshops explaining how businesses can take advantage of several significant tax savings and assistance opportunities.

Specifically, the workshops will focus on federal Renewal Community and state Enterprise Zone tax benefits available throughout the San Diego area. In addition, patrons will have a chance to learn about other City business assistance programs and projects. The workshops will both take place at the Greater Golden Hill CDC offices at 2469 Broadway, San Diego on the following dates:

• Tuesday, March 18, 2003, 3:30 p.m. to 5:00 p.m.
• Wednesday, March 19, 2003, 7:30 a.m. to 9:00 a.m.

The workshops will provide background information and the application process for each program, detailing the considerable federal and state tax savings. Some of the benefits available at the state and federal levels include sales and employee tax credits, net interest deductions, and a zero percent capital gains rate, among others. Entrepreneurs seeking potential new business sites are also encouraged to attend the workshops to learn of the tax advantages associated with locating within these incentive areas.

"Enterprise Zones and Renewal Communities demonstrate the commitment the City and community groups like the Greater Golden Hill CDC are making to promote and nurture business in San Diego," said Ples Felix, manager of the City's Renewal Community and Enterprise Zone programs. "The information current and potential business owners can obtain at these workshops are invaluable and, when combined with the City's other incentives, businesses can potentially save millions of dollars."

San Diego is home to two of 39 Enterprise Zones statewide: the Metropolitan Enterprise Zone, which includes portions of downtown San Diego in the Fourth and Eighth Council Districts and the South Bay Enterprise Zone, which includes the communities of San Ysidro, Otay Mesa as well as portions of the City of Chula Vista. The City also boasts a "special Enterprise Zone" at the former Naval Training Center, in the form of a Local Area Military Base Recovery Area

(LAMBRA) designation that provides similar incentives. San Diego's Renewal Community encompasses the neighborhoods of Barrio Logan, Centre City, Lindbergh Field, Southeastern San Diego, Encanto Neighborhoods and Eastern Area.

A new City resource, the Business Development and Incentive Zone Mapping System, allows the public to quickly determine whether a business or property is eligible for certain incentives based on its location. Users can search for incentives by entering an address or Assessor Parcel Number. To access the system, visit the City's Web site at www.sandiego.gov and type "business development" in the search field.

For more information about the workshops, contact Kristie Rice with the Greater Golden Hill CDC at (619) 696-9992 ext.19 or Ples Felix of the City's Community and Economic Development Department at (619) 533-5442.

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With an emphasis on the City's urban core neighborhoods and low- and moderate-income residents, the Community and Economic Development Department strives to improve the quality of life and ensure a healthy economy in San Diego through job development, business development, neighborhood revitalization, public improvements, redevelopment, social services, and revenue enhancement.