Over $100 million available through state’s California Competes program
(SACRAMENTO) – Assemblymember Eduardo Garcia urges local businesses to apply for job creation tax credits through the state’s California Competes program. The state is authorized to award over $100 million in tax credits this fiscal year to small, medium and large companies across the state. Last fiscal year, GO-Biz awarded $28.9 million to 29 companies that are planning to create 6,000 jobs and invest more than $2 billion in the state.
“Tax credits support job creation and business expansion in the Coachella Valley/Imperial Valley by reducing a business’ state tax liability and allowing the business to reinvest in their own company,” said Garcia. “With the online application period open and the first of two free webinars being held this Monday, I encourage every business to check-out whether the California Competes Tax Credit would add to your business’ success.”
The tax credit program is open to businesses of any size, though one quarter of the program funding is targeted specifically for small businesses with gross receipts of less than $2 million.
California Competes is managed by the Governor’s Office of Business and Economic Development (GO-Biz). To assist businesses with the application process, GO-Biz will be hosting free regional and online workshops. The first online workshop is planned for this Monday, January 12 at 2 p.m. A second one will be offered on Monday, January 26 at 2 p.m. Regional workshops will be held in Moreno Valley on Thursday, January 22 and in San Diego on Friday, January 23.
Register today for a webinar or a free workshop in your area.
Online Webinar
Monday, January 12, 2015
2 to 3 p.m.
Details and Registration
Moreno Valley Workshop
Thursday, January 22, 2015
9 to 10 a.m.
Details and Registration
San Diego Workshop
Friday January 23, 2015
1:30 to 2:30 p.m.
Details and Registration
Online Webinar
Monday January 26, 2015
2 to 3 p.m.
Details and Registration
For more information about the California Competes tax credit visit the GO-Biz website here.
To review the full list of workshops being held across the state here.
GO-Biz serves as the state's lead office for economic development and offers a range of services to business owners. Those services include assistance with business attraction, retention and expansion; site selection; permit assistance; clearing of regulatory hurdles; export assistance, and other small business services. For more information visit: www.business.ca.gov or contact Jorge.Jaramillo@gov.ca.gov.
The California Competes program was created through AB 93 and SB 90, both adopted in 2013. In addition to the tax credits for job creation, the new program offers sales tax relief on the purchase of qualified research and development equipment and manufacturing equipment. The amount of credits available will increase each year until 2018.
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Assemblymember Eduardo Garcia (D-Coachella) serves as the as the chairperson of the Assembly Committee on Jobs, Economic Development and the Economy. He represents the 56th district, which comprises the cities and communities of Blythe, Brawley, Bermuda Dunes, Calexico, Calipatria, Cathedral City, Coachella, Desert Hot Springs, El Centro, Holtville, Imperial, Indio, Mecca, Oasis, North Shore, Salton Sea, Thermal, Thousand Palms, and Westmorland.
