If you currently conduct business in California, or if you’re contemplating expansion or relocation, you should consider applying for the California Competes Tax Credit (CCTC).
The CCTC’s competitive application process, which is handled by the California Governor’s Office of Business and Economic Development, factors in the number of jobs created or retained, the amount invested in the state (and the type of investment), hiring and wage plans, location, and demographics, among other aspects. With the minimum request set at $20,000 and available credits totaling $200 million for fiscal year 2017-2018, your business could benefit from considerable tax savings if approved.
The next application period for the credit is July 24 to August 21. Additional upcoming application opportunities are scheduled for January and March of 2018. If you think you could benefit from this tax credit, please contact your KraftCPAs tax advisor. We’d be happy to discuss your options and/or assist with the application process.