California Competes Tax Credit March 2019 Tax News
The California Competes Tax Credit (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 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 in 3 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 third application period, at least $74.7 million is available for allocation plus any remaining unallocated amounts from the previous application periods. Applications for the credit will be accepted at calcompetes.ca.gov from March 4, 2019, until March 25, 2019.
Go to GO-Biz Program webpage on the California Competes Tax Credit for more information.