California Competes Tax Credit Update
Applications are now being accepted through October 27, 2014 for the California Competes Tax Credit. This first application round for the 2014/2015 fiscal year will allocate a total of $45 million of income/franchise tax credit to businesses chosen through a competitive application process. Evaluation criteria is based on factors including expected hiring or retention, capital investment, and employee compensation.
Competition for this tax credit is stiff. During the Spring of 2014, the initial application round of the program, 29 businesses received $30 million of allocation out of a total 396 applications. However, the amount of allocation has increased for fiscal year 2014/2015 with a total of $151 million allocated for three application periods. The second application round is from January 5 to February 2, 2015 and the third round is from March 9 to April 6, 2015.
Application is free. Applicants not awarded a credit during an application period can update and resubmit their application in the next application period within the same fiscal year. Please consult Equifax Workforce Solutions to evaluate your upcoming California project.
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