California Competes Tax Credit August 2018 Tax News
The California Competes Tax Credit (CCTC) is an income or franchise tax credit available to businesses that want to come or stay and grow in California. Tax credit agreements are negotiated by the Governor's Office of Business and Economic Development (GO-Biz) and approved by a statutorily-created CCTC Committee.
The Committee consists of:
- Director of GO-Biz (Chair).
- State Treasurer.
- Director of the Department of Finance.
- One appointee each by the Speaker of the Assembly and Senate Committee on Rules.
For Fiscal Year 2018/2019, the CCTC is available for allocation for three separate application periods:
- July 30 through August 20, 2018
- January 2, 2019 through January 21, 2019
- March 4, through March 25, 2019
For the first application period, $70 million is available for allocation. Applications for the credit will be accepted at calcompetes.ca.gov from July 30, 2018, until August 20, 2018. For more information, go to GO-Biz’s Program webpage on the California Competes Tax Credit.