California Competes Tax Credit – Application period began July 27, 2020 August 2020 Tax News
For Fiscal Year 2020/2021, the California Competes Tax Credit (CCTC) is available for allocation in three separate application periods:
- July 27, 2020 through August 17, 2020
- January 4, 2021 through January 25, 2021
- March 8, 2021 through March 29, 2021
For the first application period, $80 million is available for allocation. Applications for the credit will be accepted at calcompetes.ca.gov from July 27, 2020, until August 17, 2020.
The CCTC is an income or franchise tax credit available to businesses that want to come to, 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 the 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
Refer to GO-Biz's Program webpage on the California Competes Tax Credit for more information.