The state’s popular California Competes Tax Credit program continues to be available during the 2019-2020 fiscal year. The state has allocated approximately $237 million to be awarded to both small and large business taxpayers. In June, the final award period of last fiscal year, approximately $55 million of tax credits were granted to twenty taxpayers.
Taxpayers expanding their California operations through increased employment or capital investments are ideal candidates for this credit. Taxpayers must submit their credit applications on-line at www.calcompetes.ca.gov.
Application periods for the current fiscal year are:
- July 29, 2019 through August 19, 2019 ($90 million available)
- January 6, 2020 through January 27, 2020 ($75 million available)
- March 9, 2020 through March 30, 2020 ($72 million available)
If your Company is expanding operations in California you may qualify for the credit, but you must apply to be considered!
To learn more about the California Competes Credit check out our previous blogs: