California competes tax credit January 2018 Tax News
The California Competes Tax Credit (CCTC) is an income or franchise tax credit available to businesses who want to come, stay, or grow in California.
Governor's Office of Business and Economic Development (GO-Biz) negotiates the CCTC agreements and the California Competes Tax Credit Committee approves them. 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 2017/2018, $230.4 million of the California Competes Tax Credits is available for allocation during 3 application periods. GO-Biz is hosting informational workshops and webinars on how to apply for the credit.
For the second application period, $100 million is available for allocation. Applications for the credit will be accepted at calcompetes.ca.gov from January 2, 2018, until January 22, 2018. For more information, go to the California Competes Tax Credit webpage at Go-Biz.