For fiscal year 2024-2025, GO-Biz will accept applications for the California Competes Tax Credit during the following periods: Don’t Miss Out!
What is the California Competes Tax Credit?
The California Competes Tax Credit is an income tax credit available to businesses that want to
locate in California or stay and grow in California and create quality, full-time jobs in California that
might not otherwise be created by the business or any other business. Tax credit agreements will
be 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.
How much in tax credits will be available each year?
The tentative amount of credits that can be allocated by GO-Biz is as follows:
$180 million in each fiscal year 2018-19 through 2027-28
Can any business apply for the California Competes Tax Credit? Is the credit restricted to only certain industries or locations in California?
Any business can apply for the California Competes Tax Credit. The credit is available statewide to
all industries. However, while there are no geographic or sector-specific restrictions, the purpose of
the California Competes Tax Credit is to attract and retain high-value employers in California in
industries with high economic multipliers and that provide their employees good wages and
benefits.
GO-Biz is required by statute to consider the extent to which the credit will influence the business’s
ability, willingness, or both, to create new, full-time jobs in this state that might not otherwise be
created in the state by the applicant or any other California business.
For more information please visit California Business and Economic Development here
Recent Comments