APPLICATION PERIOD: STILL OPEN FOR SMALL BUSINESSES TO APPLY FOR THE CALIFORNIA COMPETES TAX CREDIT (CCTC)
What is the Credit? The California Competes Tax Credit (CCTC) is an income tax credit available to businesses that want to locate in California or stay and grow in California.
Who Can Apply? Any business can apply for the CCTC, and there are no geographic or sector-specific restrictions that impact eligibility. Also, twenty-five percent of the total credits available each fiscal year are specifically reserved for small businesses. There will be at least $243.3 million in tax credits available for businesses that are expanding and adding jobs in the state. Businesses of all sizes are encouraged to apply.
For fiscal-year 2016-17, GO-Biz will accept applications for the California Competes Tax Credit during the following periods:
1. July 25, 2016, through August 22, 2016 ($75 million available)
2. January 2, 2017, through January 23, 2017 ($100 million available)
3. March 6, 2017, through March 27, 2017 ($68.3 million plus any remaining unallocated amounts from the previous application periods)
Mark Your Calendars! The next application period begins July 25, 2016, and closes August 22, 2016. Go to www.calcompetes.ca.gov to apply.
Plant Controller at Sonoco Metal Packaging
7yWe went through the presentation to apply for this to replace the enterprise zone credits. State has a lot of requirements and qualifications.