STATEWIDE – California will be hosting a series of webinars, starting January 4, to help businesses prepare applications for tax credits. There are $120 million tax credits available for businesses that want to “locate in California or stay and grow in California” while also creating quality full-time jobs.
The California Competes Tax Credit (CCTC) is credit against the income tax “due the Franchise Tax Board.”
Since its 2014 inception, the program has awarded 1,172 businesses with these credits and businesses have committed to creating 153,000 full-time jobs.
DesertXpress Enterprises – the high-speed passenger train project coming to Apple Valley, is one of those recipients of the credit.
According to their application, “absent award of the California Competes Tax Credit, its project may have occurred in another state.” The company agreed to hire 320 full-time employees and invest $2 billion in facilities, manufacturing equipment, heavy equipment, furniture and fixtures, and vehicles as part of its expansion in Apple Valley.
CA awarded the company $10 million in tax credits in 2020.
The tax credit program is not just for large scale investments – businesses of any size and from any industry can apply.
The smallest tax credit awards have been for $20,000 to businesses in web design, IT, insurance, commercial printing, food and beverage, HVAC installation and other industries. These businesses committed to creating at least one full-time job.
Applications for this funding round open January 3, 2023 and close January 23, 2023.
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Proposals are evaluated on 12 factors including the number of jobs created or retained, compensation paid to employees, amount of investment, duration of proposed project and commitment to remain in this state.
Technical assistance webinars to help with the application are scheduled for:
- January 4, 2023 9:30am – 10:30am PST
- January 12, 2023 3:00pm – 4:00pm PST
- January 17, 2023 11:00am – 12:00pm PST
A recorded webinar is also available in the “Resources” section on the California Competes Tax Credit website.
For more information about the California Competes Tax Credit program and webinar visit https://business.ca.gov/california-competes-tax-credit/