California Competes Tax Credit March 2018 Tax News

Information about the California Competes Tax Credit

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. 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 2017/2018, $230.4 million of the CCTC is available for allocation during three application periods. For the third application period, $55.4 million plus any remaining unallocated amounts from the previous application periods is available for allocation. Applications for the credit will be accepted at calcompetes.ca.gov from March 5, 2018 until March 26, 2018.

Go to http://www.business.ca.gov/calcompetes.aspx for more information on the California Competes Tax Credit.