California is fighting to attract and keep businesses! As a California based business, we at National Storage Tank, Inc. would like to let tell you about three new tax credits for businesses here in our state.  Manufactures who purchase our products may be eligible to receive the Manufactures Sales Tax Exemption.  

Manufactures Sales Tax Exemption. Does your company manufacture goods or perform research and development in the state of California? You could be eligible for a partial sales tax exemption on equipment purchased for your business. A new law going into effect July 1, 2014 allows manufacturers to obtain a partial exemption of sales and use tax on certain manufacturing and research and development equipment purchases. You must meet certain qualifications to be eligible for the sales tax exemption. 

The California Competes Tax Credit is an income tax credit available to businesses that want to come to California or stay and grow in California. Tax credit agreements will be negotiated by GO-Biz and approved by a newly created "California Competes Tax Credit Committee," consisting of the State Treasurer, the Director of the Department of Finance, the Director of GO-Biz, one appointee from the Senate, and one appointee of the Assembly.

How much in tax credits will be available each year? 

The tentative amount of credits that GO-Biz can allocate is as follows: 

• $30 million in fiscal year 2013/14. 

• $150 million in fiscal year 2014/15. 

• $200 million in each fiscal year 2015/16 through 2017-18

You may also be eligible for the New Employment Tax Credit.This tax credit is for businesses that meet the specified qualifications and hire a new employee in a designated geographic area in California with high poverty and unemployment. To find out if your business is in one of the specified areas, click here.