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GOVERNORS OFFICE OF BUSINESS AND ECONOMIC DEVELOPMENT California Competes Tax Credit Annual Milestone Certification Worksheet for the 2016 Tax Year Business Name: California Competes Tax Credit Agreement.
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Cumulative FAQ
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The California Competes Tax Credit is administered by the Governor's Office of Business and Economic Development (GO-Biz). It is a non-refundable income tax credit with a six-year carryforward period.
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The NEC is a credit to a qualified taxpayer that hires a qualified full-time employee within a designated census tract or economic development area and that receives a tentative credit reservation for that qualified full-time employee.
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The California Competes Tax Credit (CCTC) is an income tax credit available to businesses that want to locate in California or stay and grow in California. Businesses of any industry, size, or location compete for over $180 million available in tax credits by applying in one of the three application periods each year.
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The credit is equal to the sum of the following: 15% of qualified expenses that exceed a base amount. 24% of basic research payments. The credit rate in California is 15% as opposed to 20% for federal purposes when using the regular calculation method.
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The California Competes Tax Credit (CCTC) is an income tax credit available to businesses that want to locate in California or stay and grow in California. Businesses of any industry, size, or location compete for over $180 million available in tax credits by applying in one of the three application periods each year.
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The creation of the California Competes Grant Program allows additional businesses in California to seek incentives for large-scale job creation or significant capital investment in California.
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The California Earned Income Tax Credit (CalEITC) offers support for low-income, working Californians. You may be eligible for up to $3,417 cash back or a reduction of the tax you owe.
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Tax Credits. California Competes Tax Credit (“Cal Competes”): This discretionary program has been re-authorized through fiscal year 2022-2023 and makes available an annual total of $180 million of corporate income tax credits to businesses that create new jobs and make capital investments.
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