Governor’s 2013 Economic Development Initiative
On July 11, 2013, California Governor Edmund G. Brown Jr. signed legislation affecting business incentives in California. All Geographically Targeted Economic Development Areas (G-TEDA) tax incentives were repealed and three new incentives were created.
Repeal of the Geographically Targeted Economic Development Areas Tax (G-TEDA) Incentives
New Employment Credit
The New Employment Credit is available for business located in newly identified census tracts, as well as the former Enterprise and LAMBRA Zones.
California Competes Tax Credit
The Governor's Office of Business and Economic Development (GO-Biz) administers the California Competes Tax Credit. Applications for the credit are available to businesses that want to locate in California, or stay and grow in California. Credit agreements are negotiated by GO-Biz and are approved by the California Competes Tax Credit Committee.
Sales Tax Exemption
The Board of Equalization administers a partial exemption to businesses that purchase qualified property after July 1, 2014.