GO-Biz to Award $80M to California Businesses

The Governor’s Office of Business and Economic Development (GO-Biz) is now accepting applications for the California Competes Tax Credit (CCTC) with over $80M in tax credits available.  The CCTC rewards businesses that hire full-time employees and purchase or lease real (land, leases, leasehold improvements, etc.) and personal (vehicles, equipment, electronic devices, software, IP, etc.) property over the next 5 years.  It is a non-refundable income tax credit that may reduce tax below tentative minimum tax and has a carryforward period of 6 years.  The CCTC can also be assigned within a combined reporting group.  This is the first of three application rounds during fiscal year 2020-2021 and the deadline is Monday, August 17, at 11:59 PM (PDT).  Please do not hesitate to contact us if you have any questions or require assistance.