The California Competes Tax Credit (CCTC) Committee met yesterday and approved agreements to award $69,575,082 to California businesses. The list of awardees is posted here. The remaining application rounds for FY 2017-18 are:
- January 2, 2018 through January 22, 2018 ($100M)
- March 5, 2018 through March, 26, 2018 ($55.4M + any remaining unallocated amounts)
The LAO recently issued a report recommending discontinuing the CCTC program beyond the current fiscal year and offering broad-based tax relief in its place. As a result, taxpayers should consider taking advantage of the CCTC while it is available. Do not hesitate to contact us for a free consultation to assess this opportunity.