July 15, 2019 | CIG Tax Insights
In two weeks, the California Competes Tax Credit (CCTC) program will re-open and accept applications. This will mark the state’s first round for its 2019/20 fiscal year. $90 million will be available.
Last month, the Governor’s Office of Business and Economic Development (GO-Biz) granted $55.8 million in CCTC awards to 20 companies projected to grow 6,800 jobs and $466 million in capital investments. Out of the 20 awardees, CALincentives represented multiple awards in excess of $1 million.
Enacted in 2013, the CCTC is an income tax credit administered by GO-Biz. Since 2014, GO-Biz has negotiated and granted almost $900 million in CCTC awards to 1,099 California businesses projected to create more than 99,000 California jobs and make $19 billion in new investments in the state.
CIG INSIGHTS: Those interested in applying now should be mindful that the application window will only remain open for 22 days, so time is of the essence.
CIG EXPERTISE: Led by Alex Tran and Leslie McBride (former GO-Biz Executive Director), our team of CCTC experts have represented more than 45 businesses to approximately $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 processing, 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 your business is contemplating growth in California and interested in learning more about this program, please reach out to us for a complimentary assessment.