The California Governor’s Office of Business and Economic Development (GO-Biz) announced the application rounds for fiscal year (FY) 2019–2020. The office is authorized to allocate up to $237 million in California Competes Tax Credits (CCTC) for FY 2019–2020. Applications for the CCTC will be accepted online during the following periods:
- July 29, 2019–August 19, 2019: $90M available
- January 6, 2020–January 27, 2020: $75M available
- March 9, 2020–March 30, 2020: $71.8 available
Since the program’s inception in 2014, GO-Biz has allocated $899 million to 1,009 companies, which is projected to create 99,591 new jobs and make $19 billion in new investments, according to GO-Biz News.
The CCTC is available to businesses—regardless of size or industry—that plan to add full-time jobs in California and are one of the following:
- California-based company thinking about expanding
- Out-of-state company planning to start a business in California
- Out-of-state company planning to relocate operations to California
- Company contemplating leaving California
There are several company characteristics GO-Biz looks for when identifying a successful CCTC application. Companies with successful applications often have the following:
- Well-paying jobs. Majority of projected increase in headcount with wages over $50,000 annually.
- Out-of-state competition. Compelling demonstration that job growth is in jeopardy of being placed outside California.
- California job retention. Ability to demonstrate how receipt of credit will keep jobs in California.
- Employee development resources. Robust employee development and training programs.
We’re Here to Help
We’ve helped clients obtain more than $40 million in CCTC awards since the CCTC’s 2014 inception, leading them through the program’s highly competitive application process.
For more information about the CCTC program or other available tax credits, visit our CCTC web page or email us at email@example.com.