Income tax credits to USA businesses to encourage business expansion and relocation to California. The purpose of this program is to support employment and economic development in the State of California. This program is open to businesses of any size that want to stay and grow in California or move to California.
The credit is available statewide to all industries. However, while there are no geographic or sector-specific restrictions, the purpose of the California Competes Tax Credit is to attract and retain high-value employers in California in industries with high economic multipliers and that provide their employees good wages and benefits.
GO-Biz is required by statute to consider the extent to which the credit will influence the business’s ability, willingness, or both, to create new, full-time jobs in this state that might not otherwise be created in the state by the taxpayer or any other taxpayer.
Award of the credit will be based on the following factors:
- The number of jobs the business will create or retain in this state.
- The compensation paid or proposed to be paid by the business to its employees, including wages, benefits, and fringe benefits.
- The amount of investment in this state by the business.
- The extent of unemployment or poverty where the business is located.
- The incentives available to the business in this state, including incentives from the state, local government, and other entities.
- The incentives available to the business in other states.
- The duration of the business’ proposed project and the duration the business commits to remain in this state.
- The overall economic impact in this state of the applicant’s project or business.
- The strategic importance of the business to the state, region, or locality.
- The opportunity for future growth and expansion in this state by the business.
- The training opportunities provided to employees
- The extent to which the anticipated benefit to the state exceeds the projected benefit to the business from the tax credit.
- The extent to which the credit will influence the applicant’s ability, willingness, or both, to create new full-time jobs in this state that might not otherwise be created in the state by the applicant or any other business in California.
How do I Qualify?
Businesses of any industry, size, or location may apply.