The Governor’s Office of Business and Economic Development (GO-Biz) is now accepting California Competes Tax Credit applications for the 2014-2015 fiscal year. GO-Biz will be awarding $151.1 million for businesses expanding or relocating to California. The application deadlines are as follows:
- September 29, 2014, through October 27, 2014 ($45 million available)
- January 5, 2015, through February 2, 2015 ($75 million available)
- March 9, 2015, through April 6, 2015 ($31.1 million available plus any previously unallocated amounts)
Applications are due by 11:59 PM (PDT) at each date. The program is open to businesses of any size although 25% of the funding is targeted specifically for small businesses with gross receipts of less than $2 million. The amount of credit allocated to a taxpayer is based on the following factors:
- 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
Additional information is available at http://www.business.ca.gov/Programs/CaliforniaCompetesTaxCredit.aspx.