SCVEDC Blog

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.

Each year, more than 12 billion dollars in Research & Development Tax Credits are funneled back to US businesses, and this is for the federal program alone.

California Association for Local Economic Development (CALED) announced the roster of winners in economic development at its 36^th Annual Conference in San Francisco, and the Santa Clarita Valley Economic Development Corporation (SCVEDC) won two awards in two of the three categories.

SCVEDC awarded Richard Photo Lab an Industry Cluster Attraction Incentive (ICAI) of $23,694 today. Richard Photo Lab relocated to the Santa Clarita Valley in 2015. As a company in the Digital Media & Entertainment cluster, the company was eligible for the incentive.

The Governor’s Office of Business and Economic Development (GO-Biz) announced that it is now accepting applications for the California Competes Tax Credit (CCTC). Growing companies in the Santa Clarita Valley are encouraged to apply.

I hear it every day – CA is a tough place to do business. Some would say the worst. Sometimes I think we just believe the stories and reputation without thinking about it analytically.

Data tells another story, or at least adds more perspective and insight than the oft-quoted soundbite.

Last week, the Santa Clarita Valley Economic Development Corporation (SCVEDC) announced that Logix Federal Credit Union will be moving its headquarters to the Santa Clarita Valley.

Does your business pay Use Tax? If so you may be eligible to direct a large portion of your Use Tax back to Santa Clarita’s general fund for public safety, parks, libraries, infrastructure and other City services and receive a cash rebate on a portion of the Use Tax remitted to the City.