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Applications Available for California Competes Tax Credit

Friday, August 03, 2018

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The Governor’s Office of Business and Economic Development (GO-Biz) has announced the second application period is open for businesses interested in applying for the California Competes Tax Credit (CCTC). Applications must be submitted by Aug. 20.

The California Competes Tax Credit is an income tax credit available to businesses who want to locate, or grow in California. Tax credit agreements are negotiated by GO-Biz and approved by a statutorily created “California Competes Tax Credit Committee,” consisting of the State Treasurer, the Director of the Department of Finance, the Director of GO-Biz, and one appointee each by the Speaker of the Assembly and Senate Committee on Rules.

Governor Brown created the California Competes Tax Credit in 2013 to focus on helping businesses grow and stay in California. Since 2014, GO-Biz has allocated $622.8 million to 865 companies projected to create 83,414 new jobs and make $15.7 billion in new investments.

California Competes Tax Credit Webinar Information

Before each application period, GO-Biz hosts online webinars about the CCTC program. Each webinar consists of a 45-minute presentation, followed by a question and answer session. Each presentation includes the following:

  • Overview of the program.
  • Program goals and evaluation criteria.
  • Step-by-step instructions through the application process.

Source: CalChamber

Category: Business News, Advocacy News

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