Governor Jerry Brown recently announced a new income tax credit available to businesses that want to come to California or start and grow in California. The California Competes Credit is being administered through the Governor’s Office of Business and Economic Development (Go-Biz), and is encouraging all eligible businesses to apply for the $30 million that is being awarded this fiscal year.
The new California Competes Tax Credit program will provide almost $800 million in economic development funding through fiscal year 2017/18. Twenty-five percent of funding has been specifically reserved for small businesses (gross receipts of less than $2 million).
Approval of the tax credits will be made based on a review of various factors, which include: number of jobs created or retained, compensation paid or proposed, business investment in California, level of unemployment or poverty where the business in located, the duration of the business’ proposed project, and duration the business commits to remain in this state.
This program can be very beneficial to Fairfield businesses and help existing retail, industrial and commercial businesses expand.
Applications for the California Competes Tax Credit are being accepted on the Cal Competes website.
You will find more information about the program and the application process here.