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Since 2014 business have been allowed to exclude the first $200 million equipment purchases from the State of California’s share of sales tax (4.19%). This statewide sales tax exemption is based on manufacturing equipment or research and development equipment purchased by companies engaged in manufacturing or biotechnology research and development.
A partial exemption of sales and use tax on certain manufacturing biotechnology and research and development equipment purchases. The partial exemption applies only to the state sales and use tax rate portion, currently at 4.1875 percent. The exemption does not apply to any local, city, county, or district tax. All manufacturers (NAICS Codes 3111 - 3399, inclusive), Research and Development in Biotechnology and Research and Development in the Physical, Engineering, and Life Sciences (NAICS Codes 541711 and 541712, respectively).
A sales tax exclusion from both state and local sales tax collection on equipment purchases for qualifying businesses that conduct qualifying activities. Sales tax rates vary by jurisdiction (typically 7% to 9.25%).
The New Employment Credit (NEC) is available for each taxable year beginning on or after January 1, 2014, and before January 1, 2021, to a qualified taxpayer that hires a qualified full-time employee on or after January 1, 2014, and pays or incurs qualified wages attributable to work performed by the qualified full-time employee in a designated census tract or economic development area, and that receives a tentative credit reservation for that qualified full-time employee.
The hiring credit will be 35% of wages between 1.5 and 3.5 times the minimum wage for a period of five years. In five pilot areas designated by Go-Biz, the credit will be calculated on wages starting at $10 per hour.
The California Competes Tax Credit is an income tax credit available for businesses wanting to grow, remain or come to California. Criteria includes income data for the target area, the number of jobs created or retained, payroll data including minimum compensation, and tracking of jobs retained during enrollment. 25% of credits are reserved for small businesses. Performance measures as defined by the program are required for compliance.
A cash reimbursement for training cost incurred by employers set by a pre-determined two-year performance based contract. Contracts vary based on number of employees enrolled, hours of training, training material and employee wages.
Industrial Development Bond (IDB) financing is a competitive financing option available for the acquisition of manufacturing facilities and equipment providing a financing option for manufacturers to access private capital markets at tax-exempt rates.
Downtown Modesto has a number of incentives including the Downtown Retail Business Initiative, the Business Incentive Program, the Development Incentive Program, the Physical Improvements Incentive Program, the Façade Improvement Program and the Pop-Up Shops Program.
CITY OF WATERFORD SMALL BUSINESS ASSISTANCE PROGRAM
The City of Waterford offers grants of up to $5,000 to assist small businesses. View the program flyer here.
CITY OF OAKDALE BUSINESS INCENTIVE PROGRAM
The City of Oakdale offers grants of up to $1,000 to assist small businesses. View the program application here.
The California Small Business Loan Guarantee Program (SBLGP) assists businesses with the creation and retention of jobs while encouraging investment into low- to moderate-income communities. The SBLGP enables small businesses to not only obtain a loan it could not otherwise obtain but more importantly helps to establish a favorable credit history with a lender so the business may obtain loans in the future on its own without the assistance of the program.
Private activity tax-exempt bond financing to California businesses for the acquisition, construction, or installation of qualified pollution control, waste disposal, waste recovery facilities, and the acquisition and installation of new equipment.
For more information about incentives for California businesses click here.