June 20, 2020 | CIG Tax Insights
Earlier this week, the Governor’s Office of Business and Economic Development (GO-Biz) awarded over $54 million in California Competes Tax Credits to 21 companies—including more than $1 million to clients represented by California Incentives Group. One business had its $18 million award deferred for further review later this month.
These 21 companies are projected to add more than 4,000 California jobs and spend more than $380 million dollars in new California capital investments. You can see all of the details from the GO-Biz award agenda here: GO-Biz CCTC Committee Agenda (June 18, 2020)
CIG INSIGHTS: This was the final California Competes application period for the 2019/20 fiscal year. We expect the first application period for the next fiscal year to open late this summer. While not yet announced, this round is expected to have $80 to $90 million available. This round will also be the final round in which businesses with a calendar year end may use 2019 as their “base year”.
CIG EXPERTISE: Led by Alex Tran, our team of CCTC experts have represented more than 45 businesses to well over $40 million in CCTC awards. With awards ranging from $90,000 to $8 million, these funds have helped businesses in manufacturing, tech, R&D, apparel, engineering, life-sciences, software, green energy, food, e-commerce and many others.
Combining our deep CCTC technical knowledge, experience and state income tax backgrounds—we believe we have a one-of-a-kind approach to helping our clients grow California jobs and investments through the California Competes Tax Credit.
WE’RE HERE TO HELP: If you’re interested in learning more about how we can help your business earn a CCTC award, please reach out to us for a complimentary assessment.