Sacramento, California - Assemblymember Eduardo Garcia urges local businesses to apply for job creation tax credits through the state’s California Competes program. The state is authorized to award over $100 million in tax credits this fiscal year to small, medium and large companies across the state. Last fiscal year, GO-Biz awarded $28.9 million to 29 companies that are planning to create 6,000 jobs and invest more than $2 billion in the state.
“Tax credits support job creation and business expansion in the Coachella Valley/Imperial Valley by reducing a business’ state tax liability and allowing the business to reinvest in their own company,” said Garcia. “With the online application period open and the first of two free webinars being held this Monday, I encourage every business to check-out whether the California Competes Tax Credit would add to your business’ success.”
The tax credit program is open to businesses of any size, though one quarter of the program funding is targeted specifically for small businesses with gross receipts of less than $2 million.
California Competes is managed by the Governor’s Office of Business and Economic Development (GO-Biz). To assist businesses with the application process, GO-Biz will be hosting free regional and online workshops. The first online workshop is planned for this Monday, January 12 at 2 p.m. A second one will be offered on Monday, January 26 at 2 p.m. Regional workshops will be held in Moreno Valley on Thursday, January 22 and in San Diego on Friday, January 23.
Register today for a webinar or a free workshop in your area.
Monday, January 12, 2015
2 to 3 p.m.
Moreno Valley Workshop
Thursday, January 22, 2015
9 to 10 a.m.
San Diego Workshop
Friday January 23, 2015
1:30 to 2:30 p.m.
Monday January 26, 2015
2 to 3 p.m.
For more information about the California Competes tax credit visit the GO-Biz website here.
To review the full list of workshops being held across the state here
The California Competes program was created through AB 93 and SB 90, both adopted in 2013. In addition to the tax credits for job creation, the new program offers sales tax relief on the purchase of qualified research and development equipment and manufacturing equipment. The amount of credits available will increase each year until 2018.