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. This past legislative session, Assemblymember Garcia, Chair of the California State Assembly Jobs Committee held a series of hearings to ensure economically disadvantaged communities of the state are prioritized when it comes to economic development investments.
“Tax credits support job creation and business expansion in the Coachella/Imperial Valley by reducing a business’ state tax liability and allowing the business to reinvest in their own company,” said Garcia. “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 workshop is planned in Indio for this Tuesday, December 20th at 9:30 a.m. A second one will be offered in Imperial Valley at 2 p.m.
Register today for a free workshop in your area.
Indio Workshop
December 20, 2016
9:30 a.m. – 11:00 a.m.
City of Indio
Council Chambers
150 Civic Center Mall
Indio, CA 92201
Click here to register: https://www.eventbrite.com/e/indio-go-biz-california-competes-tax-credit-workshop-tickets-28431954742
Calexico Workshop
December 20, 2016
2:00 p.m. – 3:30 p.m.
City of Calexico
Council Chambers
608 Heber Avenue
Calexico, CA 92231
Click here to register: https://www.eventbrite.com/e/calexico-go-biz-california-competes-tax-credit-workshop-tickets-28242303490
The next application period begins January 2, 2017 and closes January 23, 2017. Go to calcompetes.ca.gov to apply.
For more information about the CCTC, click here.
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.
