The California Governor’s Office of Business and Economic Development (GO-Biz) announced the application rounds for fiscal year (FY) 2019–2020. The office is authorized to allocate up to $237 million in California Competes Tax Credits (CCTC) for FY 2019–2020. Applications for the CCTC will be accepted online during the following periods:
Since the program’s inception in 2014, GO-Biz has allocated $899 million to 1,009 companies, which is projected to create 99,591 new jobs and make $19 billion in new investments, according to GO-Biz News.
The CCTC is available to businesses—regardless of size or industry—that plan to add full-time jobs in California and are one of the following:
There are several company characteristics GO-Biz looks for when identifying a successful CCTC application. Companies with successful applications often have the following:
We’ve helped clients obtain more than $40 million in CCTC awards since the CCTC’s 2014 inception, leading them through the program’s highly competitive application process.
For more information about the CCTC program or other available tax credits, visit our CCTC web page or email us at statetax@mossadams.com.