By CalChamber
This year’s California Competes Tax Credit (CCTC) application period is underway and the Governor’s Office of Business and Economic Development (GO-Biz) has up to $85 million in tax credits available to award businesses that want to locate in California or stay and grow in the state.
The tax credit program has a total of $304,727,233 in tax credits allocated for the 2022–2023 fiscal year, which will be split among three separate application periods. This year, applications may be submitted between:
- July 25, 2022 to August 15, 2022: $85 million available;
- January 3, 2023 to January 23, 2023: $120 million available; and
- March 6, 2023 to March 20, 2023: $99.7 million plus any remaining unallocated amounts.
About the Credit
Businesses of any size and in any industry are eligible to apply for this tax credit. There is no fee to apply. To apply, visit https://business.ca.gov/california-competes-tax-credit/.
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 27, 2022: 9:30am – 10:30am PDT
Details and Registration - August 4, 2022: 3:00pm – 4:00pm PDT
Details and Registration - August 9, 2022: 11:00am – 12:00pm PDT
Details and Registration