News

The second application period of the California Competes Tax Credit (CCTC) for fiscal year 2014-2015 is now open.  The CCTC is a California income tax credit available to businesses that want to relocate to California or remain and grow in the state.  $75 million is available for this round of applications that will be accepted from January 5,

On Friday afternoon, President Obama signed the Tax Increase Prevention Act of 2014 (H.R. 5771), which retroactively extends a variety of tax deductions, credits, and incentives for businesses and non-profit organizations.  Click here for additional information.

The Senate approved a one-year retroactive extension of most of the temporary tax deductions, credits, and incentives that expired at the end of 2013. The Tax Increase Prevention Act of 2014 (H.R. 5771) passed the Senate 76-16 and cleared the House of Representatives on December 3. Support for the bill was bipartisan with 45 Democrats and 31 Republicans voting

Although SB 90 and AB 93 effectively terminated the California Enterprise Zone program last year, there is still an opportunity to qualify employees for the Enterprise Zone Hiring Credit.  Each qualified employee can generate more than $37,000 in credits during the 60-month period commencing on the first date of employment.  As a result, an employee

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

The deadline to submit online applications for the 2013-2014 fiscal year is 11:59 p.m. PDT on April 14th.  Please note that the California Competes Tax Credit (CCTC) is only available for tax years beginning on or after January 1, 2014.  Taxpayers that have not started the 2014 tax year are unable to apply for the credit

Here is an interesting article that is a poignant reminder of the sacrifices veterans make on our behalf:  http://lnkd.in/bBR4riZ.  There are many programs that assist our veterans.  For example, the Work Opportunity Tax Credit (WOTC) rewards employers for hiring veterans.  You can find more information at http://lnkd.in/bNk3wPu.  Let’s not wait until next November to celebrate

The California Enterprise Zone program is set to expire at the end of 2013; however, there were a number of unanswered questions regarding the administration of the program following its repeal.  For example, it was unclear if vouchering for the Enterprise Zone Hiring Credit would continue beyond December 31, 2013.  Many zones had indicated they would

Governor Brown signed both SB 90 and AB 93 on July 11, 2013. This legislation effectively replaces the existing Enterprise Zone program with three new incentives: Sales or Use Tax Exemption Equipment purchased for use in manufacturing or research and development (R&D) will be exempt from California sales or use tax. The exemption is effective

The Hiring Incentives to Restore Employment (HIRE) Act provided two incentives to employers in 2010: a payroll tax exemption and the New Hire Retention Credit. Those benefits were available to employees hired between 2/4/10 and 12/31/10. The payroll exemption was claimed on the 2010 Form 941 payroll returns beginning with Q2. The original due dates