California Competes Tax Credit
The California Competes Tax Credit is an income tax credit available to businesses that want to come to California or stay and grow in California. Tax credit agreements are negotiated by the Governor’s Office of Business and Economic Development (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.
Do you anticipate:
- Paying California income tax?
- Hiring full-time employees?
- Investing in real property?
- Purchasing or leasing equipment?
If you answered “yes” to any of the above questions, you may be eligible to claim the California Competes Tax Credit (CCTC) in order to offset both current and future tax liability.
Go-Biz is accepting applications for the CCTC, they will be allocating $236,808,527 of CCTC in fiscal year 2019-2020.
GO-Biz will accept applications for the California Competes Tax Credit during the following periods:
- July 29, 2019, through August 19, 2019
- January 6, 2020, through January 27, 2020
- March 9, 2020, through March, 30, 2020
For more information go here.
To apply click here.
If you have any questions, or would like help in applying for CCTC, please reach out to us.