$70M in Competes Tax Credits Awarded to 17 Companies

November 6, 2018 | CIG Tax Insights

Yesterday, the Governor’s Office of Business and Economic Development (GO-Biz) awarded $70 million in California Competes Tax Credits to 17 companies.

Out of the 17, California Incentives Group represented multiple awards in excess of $1 million.

These 17 companies are projected to add more than 2,000 California jobs and make almost half a billion dollars in new California capital investments. You can check out all of the details on yesterday’s awards here: GO-Biz News: $70 Million in CCTC Awards

CIG INSIGHTS: The next California Competes application period ($75 million available) opens on January 2, 2019 and closes just 19 days later. In our experience, we find that these January application periods are the least competitive—given the holidays and that businesses often focus resources on other year-end tasks. For those unable to apply in January, the final application period for the fiscal year opens on March 4, 2019 and closes 21 days later. While not yet announced, this round is expected to have $60 to $70 million available. 

CIG EXPERTISE: Led by Alex Tran, our team of CCTC experts have represented more than 40 businesses to over $35 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.