Economic Incentives
Wilmington Industrial Park is a California State Enterprise Zone and a Federal Enterprise Zone. Businesses locating here can receive these incentives.
- Start Up Savings
- Site Plan Review & Fee Waiver: The City of Los Angeles waives fees for review of commercial or industrial architectural plans for projects of 40,000 square feet or greater
- Brownfields Tax Deduction: Deduct qualified clean-up costs of hazardous substances in the tax year your business pays or incurs the costs.
- Reduced Parking Requirement: A Los Angeles City ordinance provides reduced parking requirements compared with other areas of the City
- Savings in Operations
- Electricity Rate Savings: The Los Angeles Department of Water and Power offers a five-year electric rate discount to new businesses moving into the Wilmington Industrial Park
- Tax Credits for Hiring
- CA Employer Hiring Credits: Up to $37,440 employer hiring credit over a 5-year period for each qualified employee
- CA Work Opportunity Tax Credit: Up to $2,400 annual CA Work Opportunity Tax Credit for each employee between the ages of 18-39 who resides within the Federal Empowerment Zone
- Federal Employer Wage Credit: Up to $3,000 in federal tax credits each employee who lives within the Federal Empowerment Zone
- Tax Savings Incentives
- Los Angeles City Business Tax Waiver: The City of LA offers a tax waiver of the first $500 and freezes the taxes at their current rate for five years. Start-up businesses or businesses relocating from out of the City pay only $25 annually for five years.
- CA Business Expense Deduction: Take accelerated depreciation for equipment purchases
- CA Net Operating Cost Carryover: Carry forward 100% of Net Operating Losses for 15 years to reduce your amount of taxable income
- Federal Section 179: Deduct up to 100% of qualifying equipment purchases
- Lender and Investor Incentives
- Lenders can earn CA tax-free interest on loans made to your business
- Investors can exclude 60% of federal capital gains from the sale of small business stock issued by your C corporation with assets of