Maintaining operations in California can prove prohibitive for growing companies as the cost of conducting business in the state continues to rise. Securing income tax credits through the California Competes Tax Credit (CCTC) program, however, could help your business offset costs.
Navigate the complex CCTC application process and access credits for your business with guidance from our professionals—preparing your application to stand out against the competition.
Administered by the Governor’s Office of Business and Economic Development (GO-Biz), the CCTC program aims to attract and retain high-value employers in California that provide strong wages and benefits.
Up to $180 million in collective rewards are available to California businesses through the program for each fiscal year until 2022-2023. Applicants may request up to 20% of the total amount available each year.
The CCTC is available to businesses—regardless of size or industry—with plans to grow new, full-time jobs in California that meet the following criteria:
- California-based companies planning to expand
- Companies contemplating leaving California
- Out-of-state companies planning to relocate operations to California
- Out-of-state companies planning to start business operations in California
Companies can apply for a credit during any of the three, predefined application rounds each year. As more organizations look for ways to reduce costs, CCTC funds are increasingly competitive to secure.
Rise Above the Competition
To secure the CCTC, your business must make a compelling argument that the award is a critical factor in determining whether you’ll locate planned growth initiatives in California or look elsewhere.
Compiling successful applications, our professionals have helped guide a range of clients to awards valuing $100,000 to more than $5 million since the program’s inception in 2014. Build a strategic application with our insight that leverages deep expertise in relevant trends and methods to quantify and analyze your business.
You’ll receive recommendations for both phases of the selection process, including the initial introduction—which outlines your proposed expansion project, hiring and investment plans, and other locations under consideration—and the public CCTC committee meeting to demonstrate your potential economic impact.
Contact our professionals to receive a complimentary initial assessment of your project to assess the viability of a potential application.