The “California Competes” program, overseen by the California Office of Business and Economic Development (also known as GO-Biz), will boost small businesses across California via tax credits. It’s a good program. But it could take years for a small business to benefit from the tax credit, that is if the small business fulfills all the prerequisites to receive the benefit.
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The California Competes program will be awarding around $39 million during this fiscal year, $150 million the next year and $200 million through 2017-2018.
Some of factors that GO-Biz will consider when awarding credits include: The California Competes program will be awarding around $39 million during this fiscal year, $150 million the next year and $200 million through 2017-2018.the number of jobs the business will create or retain in this state; the compensation paid or proposed to be paid to its employees; the amount of investment in this state by the business; and the extent of unemployment or poverty where the business is located, among other factors.
The tax credit program will also specifically reserve around 25 percent of the total credits available each year for small businesses (gross receipts, less returns and allowances, of less than $2 million).
For more information on the program, go to: http://www.business.ca.gov/Home.aspx