With the sunset of the California Enterprise Zone comes a new opportunity for a California business tax credit, the introduction of the California Competes Tax Credit. The tax credit has no defined calculation or amount, but rather is available to fund California business growth. Businesses must submit an application on-line to www.calcompetes.ca.gov between September 29, 2014 and October 27, 2014.
The following factors will be consider when evaluating applications for the tax credit: 1) Number of full-time jobs that will be created and retained in California, 2) Investment in California machinery and equipment, 3) Socioeconomic demographics where the business is located, 4) Outlook for future growth and expansion by a California business and 5) The possibility of the business leaving California for another State.
Questions about the new program? Call our office, we’re here to help.
