California Competes Tax Credit Approved
The California Competes Tax Credit (CCTC) Committee recently approved $28.9 million in credits of the $30 million budgeted for the 2013/14 fiscal year. The California Competes Tax Credit is a negotiated incentive available to businesses of any size located anywhere in the state. Benefits vary based on such factors as expected hiring or retention, investment, and employee compensation. For the 2014/15 fiscal year, $150 million is being allocated for credits. Three application rounds were recently announced, with the first round to be determined, but likely in September or October based on a recent committee hearing. The second round is from January 5 to February 2, 2015, and the third round is from March 9 to April 6, 2015. Application is free, and businesses not selected for an award are eligible to reapply for subsequent periods, so consult Equifax Workforce Solutions to evaluate your upcoming project today.
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