What is the California Competes Tax Credit?
The California Competes Tax Credit is an income tax credit available to businesses that want to locate to California or stay and grow in California and create quality, full-time jobs in California that might not otherwise be created by the business of any other business. Tax credit agreements will be negotiated by Go-Biz and approved by a statutorily created by “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 by the Speaker of the Assembly and senate Committee on Rules.
How much in Tax Credits will be available?
The tentative amount of credits that can be allocated by Go-Biz is as follows:
– $180 Million in each fiscal year 2018-2019 and 2022-2023
Can any business apply for the California Competes Tax Credit? Is the credit restricted to only certain industries or locations in California?
Recent Comments