California Competes Tax Credit Application Starts July 27
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.
The next California Competes Tax Credit application period starts Monday, July 27, 2020, with $80 million in available tax credits. Businesses interested in applying can register to view a live webinar explaining the application process.
The deadline to submit applications is Monday, August 17, 2020, at 11:59 p.m. (Pacific Time) and the online application website will automatically close once this deadline has passed. The online application can be accessed starting July 27, 2020, at www.calcompetes.ca.gov.
Members of the CCTC team are available to provide technical application assistance (CalCompetes@gobiz.ca.gov / 916-322-4051). An application guide, Frequently Asked Questions (FAQs), program regulations, and a downloadable version of the webinar presentation are available here.
Complete List of Upcoming Webinars
July 29, 2020
August 6, 2020
August 11, 2020
Details and Registration
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.