It’s Not Too Late For Larz Tax Credits – Los Angeles Revitalization Zone tax

It’s Not Too Late For Larz Tax Credits – Los Angeles Revitalization Zone tax – Brief Article

Qualified taxpayers still can receive Los Angeles Revitalization Zone tax incentives on their state tax returns, according to FTB.

Although the incentives expired in 1997, taxpayers who qualified for LARZ tax credits but failed to claim them may still file amended returns. Since California generally allows taxpayers to amend their returns up to four years after the return’s due date, the 1996 and 1997 tax years are still within the deadline to amend.

LARZ tax credits that can be claimed on amended returns are general hiring, construction hiring, and sales or use tax. These credits can offset tax for a 15-year period or until fully used, but can only offset tax attributed to income earned in the LARZ.

COPYRIGHT 2000 California Society of Certified Public Accountants

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