Wednesday, January 2, 2008

New Enterprise Zone Job Tax Credits

The Arizona Dept. of Commerce has revised wage standards for employers interested in applying for the Enterprise Zone's new job tax credits for the tax year Jan. 1st thru Dec. 31st, 2008. To qualify for Enterprise Zone tax credits, an employer must pay an amount at least equal to the "wage offer by county", as computed annually by the Arizona Dept. of Economic Security. These wage standards are used to certify employees' wages in an enterprise zone.

Further, jobs that qualify for tax credits must be full-time & permanent. The employer must also offer to pay at least 50% of health insurance costs for the employee. The Enterprise Zone Program was established by the Arizona Legislature in 1989 to revive the economies of distressed areas in the state. The program provides new job tax credits & property tax reductions for qualified businesses within the zones.