Have you heard about the California Competes Tax Credit (CCTC)? It’s a state income tax credit supporting growth of high quality jobs in California, available to businesses who want to come to, stay in, or grow in our state. Through a two-phase process, businesses apply and compete for this credit during three application periods each fiscal year.
Here's how it works: Phase I is an online application process, where businesses submit information on their 5-year growth plans including a comprehensive description of their growth project, projected new hires and wages, projected amount of investment equipment and facilities, and their requested tax credit. A cost-benefit ratio is then calculated, and companies with the most advantageous cost-benefit ratio move on to Phase II for final negotiation and selection.
There are $85 million in tax credits and $120 million in grants available during the first application period for businesses that are expanding and adding quality, full-time jobs in California that might not otherwise be created by the business or any other business. Companies can access online applications for the 2022-2023 fiscal year at www.calcompetes.ca.gov.
- July 25, 2022, through August 15, 2022
($85 million in tax credits available; $120 million in grants available)
- January 3, 2023, through January 23, 2023 ($120 million in tax credits available)
- March 6, 2023, through March 20, 2023 ($99.7 million plus any remaining unallocated
amounts from the previous application periods)
Businesses interested in applying can register to view a live webinar explaining the application process. An application guide, Frequently Asked Questions (FAQs), program regulations, and webinar recordings are available here.
Upcoming Webinar Schedule
|August 4, 2022||3:00pm – 4:00pm PDT||Details and Registration|
|August 9, 2022||11:00am – 12:00pm PDT||Details and Registration|
Have questions or need assistance with your application?
Contact Sue Arellano at email@example.com.
Members of the CCTC team are available to provide technical application assistance (CalCompetes@gobiz.ca.gov / 916-322-4051). Application periods, amounts available, and committee meeting dates for fiscal year 2022-2023 have been posted here.
By ensuring businesses in the SCV or those considering the move to the SCV have current information regarding the various resources available, the SCVEDC helps maintain and expand a vibrant business community in the SCV. It’s just one of the business services provided by the SCVEDC for businesses in the Santa Clarita Valley. Contact the SCVEDC today and learn more.
The Santa Clarita Valley Economic Development Corporation (SCVEDC) is a unique private / public partnership representing the united effort of regional industry and government leaders. The SCVEDC utilizes an integrated approach to attracting, retaining and expanding a diversity of businesses in the Santa Clarita Valley, especially those in key industry clusters, by offering competitive business services and other resources.