NEW! State Funds to Help Grow Your Business
The California Governor's Office of Business and Economic Development (GO-BIZ) is offering tax credits to businesses of all sizes. The California Competes Tax Credit (CCTC) is an income tax credit, which is available to businesses who have expansion plans to create jobs in California over the next five years or are at risk of leaving California.
The CCTC is awarded to businesses based on a competitive application process for a set amount of income tax credits. Any business can apply for the CCTC and there are no geographic or sector-specific restrictions that impact eligibility. In addition, 25% of the total credits available each fiscal year are specifically reserved for small businesses. The application is free. Tax credits totaling $200 million are available for the state's fiscal year 2017-2018.
The following are the application periods:
- July 24, 2017, through Aug. 21, 2017 ($75 million available)
- January 2, 2018, through January 22, 2018 ($100 million available)
- March 5, 2018, through March 26, 2018 ($68.3 million plus any remaining unallocated amounts from the previous application periods)
Please email GO-Biz or call (916) 322-4051 if you have questions or need technical assistance. You can also visit the California Business Portal for resources and information about other tax incentives and to help you get your business up and running.