California Competes Tax Credit
The California Competes Tax Credit is an income tax credit for businesses that are expanding or relocating to California. California Competes is a tax credit program that Gov. Jerry Brown approved in 2013.
It is a successor program to the Enterprise Zone Tax Credit which is phased out in 2014.
▪ $30 million in 2013-14
The credit available to any individual business will be based on a set of criteria including: the number of jobs created, opportunity for future growth, and many more.
Who Can Claim the California Competes Tax Credit?
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. In 2014, the current allocation of tax credits available to businesses is $30 million.
The tax credit award process is a four part program with a quantitative analysis phase, a qualitative analysis phase, a negotiation phase and a committee hearing.
KBKG is prepared to represent and assist businesses who want to apply for the California Competes Tax Credit. Contact us to start your application!