The next California Competes Tax Credit (CCTC) offers more than $68 million in available tax credits. This program is open to any business planning to create new full-time jobs in the state, regardless of size or location. Since 2014, GO-Biz has awarded over $400-million to 574 companies that are projected to create over 60,000 jobs and make $13.5-billion in investments.
The deadline to submit applications is Monday, March 27, 2017, at 11:59 p.m. PDT and the online application website will automatically close once this deadline has passed. The online application can be accessed at www.calcompetes.ca.gov
Members of the CCTC team are available to provide technical application assistance (CalCompetes@gov.ca.gov
/ (916) 322-4051). An application guide, Frequently Asked Questions (FAQs), program regulations, and a downloadable version of the webinar presentation are available here.
The California Competes tax credit is part of the Governor’s Economic Development Initiative (GEDI) which Governor Brown signed legislation to enact in 2013 (AB 93 and SB 90). GO-Biz evaluates the most competitive applications based on the factors required by statute, including total jobs created, total investment, average wage, economic impact, strategic importance and more. Companies are exempted from paying state income taxes in the amount awarded.
The Governor’s Office of Business and Economic Development (GO-Biz) was established in 2012 by Governor Brown and serves as California’s single point of contact for economic development and job creation efforts. GO-Biz offers a range of services to business owners including: attraction, retention and expansion services, site selection, permit streamlining, clearing of regulatory hurdles, small business assistance, international trade development, assistance with state government, and much more. For more information visit: www.business.ca.gov