Growing California Businesses, $90 Million Available in CalCompetes Tax Credits Register for free ap
Sacramento, CA – Today, $90 million in tax credits is officially available to businesses that want to come to California or stay and grow in the Golden State. The Governor’s Office of Business and Economic Development (GO-Biz) is now accepting applications for the California Competes Tax Credit (CCTC). The tax credit program is open to any business planning to create new full-time jobs in the state, regardless of size or location. The deadline to submit applications is Monday, August 19 at 11:59 p.m. (Pacific Time). The online application automatically closes once the deadline has passed.
“This Administration is committed to ensuring the California Dream is accessible to all Californians,” said Lenny Mendonca, Chief Economic Advisor to the Governor, GO-Biz Director, and Chair of the California Competes Tax Credit Committee. "Since 2014, we have allocated nearly $1 billion to 1,029 companies through the California Competes Tax Credit. That has led (or is leading) to the creation of more than 100,000 jobs and nearly $19.5 billion in new investments across the state. This is a vital tool we have to support businesses that are adding good-paying, high-quality jobs across all regions of California.” Past businesses that applied for and received the CCTC include:
“As a startup based out of Los Angeles, we are extremely grateful to be a recipient of this award. The timing was perfect because it allowed us to finally bring our concept to fruition and we are excited to be the first commercial scale black soldier fly larvae farm in our home state of California,” said Chris Ajaryan, COO of Vivotein. “Through hard work and dedication, we are on track to solving major environmental issues such as food waste, protein shortages, and reducing our carbon foot print all while creating more jobs and boosting the economy. It brings us great pride to say that Vivotein LLC started in Los Angeles and will grow in California.” Members of the CCTC team can provide technical assistance. An updated application guide, Frequently Asked Questions (FAQs), and program regulations are available and can be found here. For applicants that are reapplying, the FAQs include instructions on how to copy information from a previously submitted application. Businesses interested in learning more about the CCTC can participate in free application webinars. Click here for the schedule and registration information. If you have any questions regarding the CCTC program or application process, please call (916) 322-4051 or email CalCompetes@gobiz.ca.gov.