The California Competes Tax Credit (CCTC) Committee will meet to vote on the latest round of applications. The Governor’s Office of Business and Economic Development (GO-Biz) is expected to award more than $45 million in tax credits during this round. The meeting will be held on Thursday, June 16, 2016 at 1:30 PM at the following location:
Department of Food and Agriculture Auditorium 1220 N St. Sacramento, CA 95814
The agenda including the list of applicants is available here. The CCTC is an income tax credit available to businesses that want to relocate to California or remain and grow in the state. The amount of CCTC to be allocated to a taxpayer is based on the following factors:
- The number of jobs created or retained
- The number of jobs created or retained
- Compensation paid to employees
- Amount of investment
- Extent of unemployment or poverty in business area
- Other incentives available in California
- Incentives available in other states
- Duration of proposed project and duration of commitment to remain in California
- Overall economic impact
- Strategic important to the state, region, or locality
- Opportunity for future growth and expansion
- Extent the benefit to the state exceeds the amount of the tax credit
$200 million will be awarded in fiscal years 2015-2016 and 2016-2017. Although many large companies have benefited from this program, 25% of the aggregate amount of the CCTC permitted to be allocated is reserved for small businesses with net gross receipts less than $2 million. Additional information can be found by visiting the GO-Biz website. Please do not hesitate to contact us if you have any questions or need assistance with the application process.