MyFTB accountCalifornia competes tax credit January 2019 Tax News
Overview
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 during three separate application periods:
- July 30, 2018, through August 20, 2018
- January 2, 2019, through January 21, 2019
- March 4, 2019, through March 25, 2019
For the second application period, $75 million is available for allocation. Applications for the credit will be accepted at calcompetes.ca.gov from January 2, 2019, until January 21, 2019.
GO-Biz is hosting a series of webinars designed to help businesses apply for the $75 million credit.
Go to GO-Biz's Program webpage on the California Competes Tax Credit for more information.