By CalChamber
July 18, 2023
Starting next Monday, July 24, California businesses of any size or industry can apply to receive an income tax credit through the California Competes Tax Credit (CCTC) program.
This year, the Governor’s Office of Business and Economic Development (GO-Biz) has up to $180 million in tax credits available to award businesses that want to locate in California or stay and grow in the state.
About the Credit
For the 2023–2024 fiscal year, GO-Biz will accept applications for the California Competes Tax Credit during the following periods:
· July 24, 2023 – August 14, 2023
· January 2, 2024 – January 22, 2024
· March 4, 2024 – March 18, 2024
Applicants will be evaluated based on 12 factors, including:
· Number of jobs created or retained;
· Amount of investment;
· Overall economic benefit to the state;
· Opportunities for future growth and expansion.
An application guide, Frequently Asked Questions (FAQs), program regulations, and a downloadable version of the webinar presentation are available here.
Informative Webinar Available
Before each application period, GO-Biz hosts online webinars about the CCTC program. Each webinar consists of a 45-minute presentation, followed by a question and answer session. Each presentation includes the following:
· Overview of the program.
· Program goals and evaluation criteria.
· Step-by-step instructions through the application process.
All businesses are encouraged to participate in the webinars to receive instructions on how to apply. Below is a list of the upcoming webinars:
· July 26, 2023: 9:30am – 10:30am PDT
Details and Registration
· August 3, 2023: 3:00pm – 4:00pm PDT
Details and Registration
· August 8, 2023: 11:00am – 12:00pm PDT
Details and Registration
To apply for this tax credit, visit https://business.ca.gov/california-competes-tax-credit/.
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MARK SMITH
Smith Policy Group
1001 K Street, 6th Floor
Sacramento, CA 95814
(916) 335-5072