Businesses may now apply for the first round of awards under the California Competes Tax Credit program. The last date to register for the current application window is April 14, 2014. The California Competes Tax Credit was part of Governor Brown’s three part successor program to the Enterprise Zone tax credit, which is currently being phased out.
The current allocation of tax credits available to businesses is $30,000,000. In order to qualify for a portion of the allocation, the business must have expansion plans to create jobs in California over the next five years or be at risk to leave California. The tax credit award process is a three part program with a quantitative analysis phase, a qualitative analysis phase and a negotiation phase.
KBKG is currently representing businesses who wish to be considered for tax credit awards under this new program. If your business or a client’s business would like to be considered for the California Competes Tax Credit program, please contact Michelle Mackerdichian at 877.525.4462 x306.