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Economic Development Program
The responsibility of the Economic Development Program is to address the needs of the business community and the economic vitality of the City by retaining, expanding and attracting desirable businesses.
Business Assistance Program
HUB Cities Consortium
2677 Zoe Avenue, Second Floor Huntington Park, CA 90255
HUB Cities provides business owners and operators with the management, marketing and financial skills necessary for their companies to survive and flourish in today's challenging business environment.
The HUB Cities Consortium was founded in 1988 as the primary public job training and placement center for Huntington Park residents and the surrounding cities. The mission of HUB Cities Career Center is to provide the community with access to an array of comprehensive employment, education, training and support services, which enables all job seekers and workers to achieve meaningful employment opportunities, and to assist employers in meeting employment needs.
The HUB Cities Consortium offers the following:
- Counseling to guide in developing and implementing the various procedures of managing your business;
- Coaching for support and mentoring in business operations; and
- Consulting to assist
The Los Angeles Mid-Alameda Corridor Enterprise Zone encompasses the entire City of Huntington Park. On the October 15, 1986 the City of Huntington Park was designated as an Enterprise Zone by the State of California.
Businesses already in the Zone can qualify for benefits, as can new businesses relocating or expanding into the Huntington Park area.
Incentives of the Enterprise Zone program include:
- Sales and Use Tax Credit:
California income or franchise tax may be reduced by the amount of Sales or Use Tax paid on certain machinery purchased (for exclusive use in an Enterprise Zone).
$1.45 million or more per year in tax credits is available for qualifying machinery.
- Hiring Credit:
A qualified business may reduce its state income tax by the amount of wages paid to one or more qualified employee(s) over a five-year period. $23,400 or more in tax credits is available per qualified employee. Some of these employees may also qualify an employer for a Federal tax credit, Worker Opportunity Tax Credit (WOTC), of up to $2,100.
- Business Expense Deduction:
Part of the cost of the certain property purchased for exclusive use in the Enterprise Zone may be deducted as a business expense in the first year it is placed in service. (Amount of deduction changes annually; call for current value).
- Net Operating Loss Carryover:
Up to 100% Net Operating Loss (NOL) Carryover for individuals or corporations doing business in the Enterprise Zone may be carried over for up to 15 years to reduce the amount of taxable income generated within the Enterprise Zone for those years.
- Net Interest Deduction for Lenders:
A deduction from income is allowed on the amount of "net interest" earned on loans made to a trade or business located exclusively in the Enterprise Zone.
For additional information on State of California Enterprise Zones, please see the California’s Enterprise Tax Incentive Program online.
Financial Assistance Programs
The following services are provided:
- Commercial Rehabilitation
- Industrial Development Bonds
For information on any of these services please call (323) 584-6210.