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California Competes Tax Credit

Governor's Office of Business and Economic Development

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Description

The California Competes Tax Credit is an income tax credit available to businesses that want to come to California or stay and grow in California. Tax credit agreements will be negotiated by GO-Biz and approved by a statutorily created “California Competes Tax Credit Committee,” consisting of the State Treasurer,the Director of the Department of Finance, the Director of GO-Biz, one appointee each by the Speaker of the Assembly and Senate Committee on Rules.

* Income tax credit negotiated between GO-Biz and businesses that want to come to California or stay and grow in California
* Credit amount depends on several factors including:
- - The number of jobs the business will create or retain and the compensation paid to its employees
- - The amount of investment in California by the business as well the business' economic impact here
* Location can by ANYWHERE in California
* Credit available to both large and small businesses. 25% of available credit each year specifically reserved for small businesses (gross receipts of less than $2M)
* All CC incentive awards will be made public and award information must be posted on the GO-Biz web page

Governor's Office of Business and Economic Development (GO-BIZ)

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