California Competes Tax Credit and Grants 2022

California Competes Tax Credit and Grants – 2022 and 2023 Update

Update for fiscal year 2023-2024: The application periods and allocation amounts have been announced –

July 24, 2023 – August 14, 2023 ($164 million in tax credits available; $120 million in grants available)
January 2, 2024 – January 22, 2024 ($164 million in tax credits available)
March 4, 2024 – March 18, 2024 ($164 million in tax credits plus any remaining unallocated amounts from the previous application periods)

The state’s popular California Competes Tax Credit program continues to be available during the 2022-2023 fiscal year. The state has allocated approximately $304 million in California Competes Tax Credits and a total of $120 million in California Competes Grant funding.

Taxpayers starting or expanding their California operations through increased employment or capital investments are ideal candidates for this credit. Taxpayers must submit their credit applications online. Information concerning the credit and the application process is available at: California Competes Tax Credit.

Application periods for the current fiscal year are:

July 25, 2022 – August 15, 2022 ($85 million in tax credits available; $120 million in grants available)
January 3, 2023 – January 23, 2023 ($120 million in tax credits available)
March 6, 2023 – March 20, 2023 ($99.7 million plus any remaining unallocated amounts from previous application periods available)

If your Company is starting or expanding operations in California you may qualify for the credit, but you must apply to be considered!

GO-Biz will be hosting webinars prior to each application period which will consist of a 45-minute presentation and a Q&A session. Details and webinar registration can be found here: California Competes Webinar Information. The next webinar will be held on July 27^th, click here to register.

To learn more about the California Competes Credit check out our previous blogs and the California Competes Tax Credit FAQ:

The program is also offering grants to larger businesses starting or expanding their California operations: California Competes Grant.