One of California’s strongest incentive programs for retaining businesses and jobs is accepting applications which will result in significant tax credits for businesses which are selected.
The Governor’s Office of Business and Economic Development (GO-Biz) announced today that it is now accepting applications for the California Competes Tax Credit (CCTC). The tax credits, which are administered three times per year, are available to businesses that plan to expand to California or stay and grow in the state. For this application period, there are at least $74 million in tax credits available for businesses that are expanding and adding full-time jobs in California.
“This administration is committed to restoring the California Dream for all Californians,” said the Governor’s Chief Economic and Business Advisor and Director of GO-Biz Lenny Mendonca. “In order to achieve an economy that benefits all our citizens, we want to support businesses who are investing or hope to invest in our state to grow high-quality jobs with real career potential.”
Members of the CCTC team are available to provide technical application assistance via phone (916) 322-4051 or email [email protected]. The deadline to submit applications is Monday, March 25, at 11:59 p.m. (Pacific Time) and the online application website will automatically close once this deadline has passed. The online application can be accessed at www.calcompetes.ca.gov.
An updated application guide, Frequently Asked Questions (FAQs), and program regulations are available at www.business.ca.gov/CalCompetes.aspx. For applicants that are reapplying, the FAQs include instructions on how to copy information from a previously submitted application.
LAEDC’s Business Assistance team is also available to help businesses with the applications process, and we encourage you to contact us at 213-236-4839 or [email protected]