California state tax relief
The California Competes Tax Credit (CCTC) is a discretionary state tax incentive available to businesses that locate, expand or remain in California. If your business is creating well- paying jobs in California, you may qualify to receive this valuable tax credit against your company’s California tax bill. The amount of the tax credit award depends on each company’s unique set of factors, focused primarily on future capital investment, employment growth and economic impact to the state of California.
California Competes credits have been as low as $20,000 and as high as $6 million. All applicants compete against one another for a limited pool of funds with a special 25% allotment for small businesses (defined as a business with $2 million or less of gross receipts). Therefore, this program is applicable to businesses of all sizes.
Benefits you’ll love
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Dollar-for-dollar reduction in your state income tax liability
Increased in earnings-per-share
Improved cash flow
Credit carried forward up to 5 years
up to $6 million
MAXIMUM CREDIT AMOUNT
Key factors for eligible applicants
The following are some of the main factors that will be considered in determining eligibility and the amount of credit awarded:
- Number of jobs created or retained in California
- Compensation paid to employees, including wages and fringe benefits
- Investment within California
- Extent of unemployment and poverty in current or proposed site location
- Incentives available from the state, local government, and other sources
- Duration of the proposed project and duration of applicant’s commitment to remain within the state
- Strategic importance of applicant’s business to the state, region, or locality
- Opportunity for future growth and expansion within state
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