The application periods and award amounts for fiscal year 2015-2016 have been announced:
- July 20 to August 17, 2015 ($75 million)
- January 4 to January 25, 2016 ($75 million)
- March 7 to March 28, 2016 ($51 million)
If your company is expanding operations in California you may qualify for the credit but you will not receive a credit unless you apply!
**Update** The President signed the Tax Increase Prevention Act of 2014 (HR 5771) on December 19, 2014.
The Senate late yesterday voted 76 to 16 to pass H.R. 5771, The Tax Increase Prevention Act of 2014. I have to say it’s hard not to crack a somewhat cynical smile when looking at the title of this bill. The Senate approved without any changes the House of Representatives tax extenders bill passed late last week. The bill now heads to the White House where President Obama is expected to sign it into law today. It should be noted that these provisions will expire again in 15 days.
As we reach the end of 2013, revisiting the Qualified Small Business Stock (QSBS) provisions under both federal and California tax law should be a top priority. For federal purposes, a significantly advantageous provision is set to expire on December 31. Earlier in 2013 passage of the American Taxpayer Relief Act of 2012 extended the favorable gain exclusion provisions for QSBS retroactively through the end of 2013 for regular and alternative minimum tax purposes.