In cooperation with the Governor’s Office of Business and Economic Development (GO-Biz), Senator Janet Nguyen is pleased to invite businesses of all sizes and industries to attend a free ‘California Competes Tax Credit Workshop’ on Tuesday, July 26, 2016. The workshop, held from 10:00 a.m. to 11:30 a.m., in Room 107 of the Rancho Santiago Community College District Building, will provide businesses an opportunity to learn about the California Competes Tax Credit, a program which seeks to encourage businesses to locate in or stay and grow in California.
“All too often, California loses businesses to other states that offer them incentives, taking with them thousands of valuable high-paying jobs. As a strong supporter of local businesses, I firmly believe that we need to promote initiatives in our state like the California Competes Tax Credit program which create a more business-friendly environment for our businesses to grow and prosper,” said Senator Janet Nguyen.
The California Competes Tax Credit is offering businesses looking to locate in or stay in California approximately $243 million in tax credits during the 2016-17 fiscal year. Applications for this program are available to businesses of any size. However, twenty-five percent of the available credits each fiscal year are set aside for small businesses.
“The California Competes Tax Credit program is a step in the right direction in an ongoing effort to protect and promote California businesses. In this endeavor, I am proud to partner with GO-Biz to inform our local business owners and entrepreneurs about the availability of these credits,” said Senator Janet Nguyen.
The next application period for The California Competes Tax Credit will open soon and will run from July 25, 2016 to August 22, 2016. During this application period, $75 million dollars will be made available to businesses.
Some of the factors considered by Go-Biz in their review of the applications are: the number of jobs created or retained, the strategic importance of the business to the state, region or locality, the amount of investment, opportunity for future growth and expansion, economic impact, extent of unemployment and poverty in current or proposed site location and the extent to which benefit to California exceeds that of the application, among many other factors.
Residents wishing to attend the workshop on July 26th to learn more about this tax credit, are encouraged to register at: https://www.eventbrite.