Jul 23

California Competes Tax Credit

The Governor’s Office of Business and Economic Development (GO-Biz) has announced that the California Competes Tax Credit (CCTC) application period for fiscal year 2018-19 begins July 30, 2018, and will run through August 20, 2018.

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 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.

Last year, two businesses from the city of Whittier were awarded the tax credit. Rose Drieslein of Americana Tax Planning and Stephanie Chew with State Farm Insurance were each awarded between up to $40,000 in tax credits for their businesses, which was used to hire full-time employees and acquire additional office space, computer equipment, furniture, and other fixtures.

Not sure if your business qualifies for the credit? Click here for a list of current regulations or apply at www.calcompetes.ca.gov. Application instructions, FAQs, and other technical assistance documents are also available here. If you have any questions regarding the CCTC or application process, please call (916) 322-4051 or send an email to CalCompetes@gobiz.ca.gov.