CalCompetes Tax Credit Presents Opportunity for SCV Companies

The Governor’s Office of Business and Economic Development (GO-Biz) announced that it is now accepting applications for the California Competes Tax Credit (CCTC). Growing companies in the Santa Clarita Valley are encouraged to apply.

There are $75 million in tax credits available during this application period for businesses that are expanding and adding jobs in the state. The deadline to submit applications is Monday, January 25, 2016, at 11:59 p.m. (Pacific Time) and the online application website will automatically close once this deadline has passed. The online application can be accessed at www.calcompetes.ca.gov.

The CCTC presents a tremendous opportunity for SCV companies that plan to add staff in the next several years. SCV businesses are encouraged to apply, and to let SCVEDC know that they are pursing the tax credit.

Members of the CCTC team are available to provide technical application assistance. In addition, an application guide, Frequently Asked Questions (FAQs), program regulations, and a video explaining how to create an account are available at www.business.ca.gov/CalCompetes.aspx. For applicants that are reapplying, the FAQs include instructions on how to copy information from a previously submitted application.

Last month, SCVEDC hosted a workshop for businesses to learn more about the tax credit and the application process. Copies of the presentation can be obtained from SCVEDC. In addition, businesses can participate in free webinars on Thursday, January 7, 2016, (Details and Registration) and Tuesday, January 19, 2016, (Details and Registration).

SCVEDC is available to help companies with their application. Contact us for more information.