CalCompetes tax credit information and application assistance

十大网投官方入口竞争补助金计划

The California Competes Grant is available to businesses that want to locate or stay and grow in California. 总共120美元,000,000 in California Competes Grant funds are available for allocation in the 2023-2024 fiscal year. 最高奖助金为3,600万美元. Priority will be given for applicants whose grant will be used to secure federal CHIPS funding; these applicants are not subject to the maximum award.

The application period for grants has closed for this year.

What is the California Competes (CalCompetes) Tax Credit?

The California Competes Tax Credit is an income tax credit for businesses looking to move, 留在十大网投官方入口或在十大网投官方入口成长. Businesses of any industry, size or location are eligible to apply. The purpose of the program is to attract and retain high-value employers in industries with high economic multipliers and that provide their employees good wages and benefits.

CalCompetes tax credit eligibility and evaluation criteria

GO-Biz (the California Governor’s Office of Business and Economic Development) is required to consider the extent to which the credit will influence a business’ ability, 创造新事物的意愿或两者兼而有之, full-time jobs in this state that might not otherwise be created in the state by the taxpayer or any other taxpayer.

其他标准包括:

• 新增或保留的工作岗位数
• Srategic importance to the state, region or locality
• Amount of investment 激励 available from in-state, out of state and federal government sources
• 未来发展和扩张的机会
• Compensation paid to employees, including wages and fringe benefits
• Extent of unemployment and poverty in current or proposed site location
• 经济的影响
• 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
• 为员工提供培训机会
• Extent to which the credit influences creation of new California jobs

CalCompetes application process and 2023-2024 timelines

The application process takes approximately 90 days, which includes the period when applications will be reviewed and presented to the California Competes Tax Credit Committee for approval. There are three application periods during the year. 2023-2024财政年度, GO-Biz will accept applications for the California Competes Tax Credit during the following periods:

• 2023年7月24日- 2023年8月14日
• 2024年1月2日- 2024年1月22日
• 2024年3月4日- 3月18日

• calcompetition应用程序流程阶段

  这个过程分为两个阶段:

  • 阶段我*: A quantitative analysis in which the credit amount requested is compared to the hiring and investment commitments of each applicant. This “ratio” is automatically calculated based on the applicant’s credit request divided by the sum of its aggregate investment and aggregate employee compensation.
  • 第二阶段: An evaluation of a variety of quantitative and qualitative factors, including:
    • 当地的失业和贫困，
    • 竞争激励,
    • 经济影响,
    • 战略的重要性,
    • 行业展望及
    • the extent to which the applicant demonstrates that the credit will play a significant role in its decision or ability to create new, 质量, 十大网投官方入口的全职工作.

  * GO-Biz will move an application directly to Phase II if:

  • 老板, 总统, 首席执行官, chief financial officer or other equivalent representative of the applicant certifies to GO-Biz that absent award of the credit the applicant’s project may/will occur in another state or the applicant may/will terminate or relocate all or a portion of its employees to another state. 

  OR

  • A business indicates in the Proposed Project section that at least 75% of the applicant’s proposed net increase of new full-time employees will work at least 75% of the time in an area of high unemployment or high poverty.

免费的CalCompetes申请协助

The 大萨克拉门托经济委员会 team is experienced in helping companies secure CalCompetes funding. We offer complimentary assistance to companies looking to expand in or relocate to the 更大的萨克拉门托 region.

Please get in touch with our business development team to learn more.