The Governor’s Office of Business and Economic Development (GO-Biz) will award $243.3 million California Competes Tax Credits (CCTC) in fiscal year 2016-17 during the following application 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)
The CCTC Committee meetings determining awards will be held on the following dates:
1. November 17, 2016
2. April 13, 2017
3. June 15, 2017
In addition, GO-Biz intends to file proposed amendments to the regulations for the CCTC program with the Office of Administrative Law on July 26, 2016. The proposed amendments include the following:
- Allow applications for the CCTC to automatically move into the Phase II review process if at least 50% of the net increase of full-time employees work in an area of high unemployment or poverty.
- Add a new question to the CCTC application relating to the hiring and/or recruiting practices of businesses applying for the credit.
- Clarify the definition of salary/wage.
- Make other technical amendments.
Click here to view the text of the proposed changes. Comments on the proposed changes should be submitted to calcompetes@gov.ca.gov on or before July 22, 2016.