Today marks deadline for local businesses to apply for “California Competes” tax credit
If you're a local business owner, and you plan to keep your business local, Monday marks the final opportunity to apply for a California Competes tax credit.
Governor Gavin Newsom has alotted $236,808,507 for the program supporting the credit in the 2019-2020 fiscal year. During this application window, which opened on January 6, $75 million dollars are available.
"The California Competes Tax Credit is an income tax credit available to businesses that want to locate or stay and grow in California," reads a release from the Governor's Office of Business and Economic Development (GO-Biz).
Last week, the City of Desert Hot Springs put out a Facebook post promoting the program.
" Calling all Desert Hot Springs business owners! Did you know you may be eligible for a tax credit?" reads the city's post.
There is no fee to apply. Businesses of all sizes will be considered.
The evaluation factors, per GO-Biz:
- Number of jobs created or retained
- Strategic importance to the state region, or locality
- Training opportunities offered to employees
- Incentives available from in-state- out of state, and federal government sources
- Opportunity for future growth and expansion
- Amount of investment
- Compensation paid to employees, including wages and fringe benefits
- Extent of unemployment and poverty in current or proposed site location
- Economic impact
- Duration of the proposed project and applicant's commitment to remain in California
- Extent to which the benefit to California exceeds the benefit to the applicant
- Extent to which the credit influences creation of new California jobs
The next application window for the program is from March 9, 2020 to March 30, 2020.
