San Joaquin County's elected officials have approved adding expanded areas to the "special zone" that offers state tax credits to employers. Officials in Stockton, California have added three small pieces to the county's enterprise zone expansion. Included in Stockton's expansion pieces is a north Stockton area intended to keep a current employer from "looking elsewhere."
The Enterprise Zones have allowable tax incentives up to $37,000 for new hires, benefits and other incentives for machinery and equipment. There are 42 enterprise zones in the State and the San Joaquin zones was finalized in 2009, a zone totaling 656-square miles. The new expansions will add a total of less than 6-square miles to the zone.
With state budget woes, there are many concerned that this whole program is a Catch-22; increasing expenditures - while seeking a budget reduction. The creation of jobs is widely held to be the key to economic recovery. The expansion is not without some critics. Local officials, however, view "the program as the only significant job-creating tool in an economically depressed region." (The Stockton Record, 1-25-11)
This balancing act may be repeated on many levels - local and national - how to cut expenses and still expand the job market.
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