SACRAMENTO – Assembly Speaker Toni G. Atkins reminded employers Tuesday they will have one month starting next Monday to apply for a share of $45 million in tax credits to help expand and make new hires.
The program, California Competes, is available to businesses of any size, and a quarter of the money has been set aside for small businesses.
California Competes will open its application period on Monday, September 29th, 2014 for $45 million in tax credits to businesses that want to expand and create jobs.
“From San Diego to Silicon Valley, California Competes has already helped companies wanting to start, expand, and create jobs in our state,” said Speaker Atkins (D-San Diego). “With applications for the next funding period starting next week, I encourage California businesses and those that want to be California businesses, to seriously consider applying.”
California Competes has previously awarded $28.9 million in tax credits for businesses. San Diego area businesses awarded last year include Petco, Iso Nano International, Sparsha USA and American Marine Abatement Services.
While the next round of funds available is $45 million in credits, there is a total of $150 million available for fiscal year 2014-15.
The California Competes program was created through AB 93, and its companion bill 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. Twenty-five percent of the credits are reserved for small businesses, those with gross receipts less than $2 million.
California Competes is managed by the Governor’s Office of Business and Economic Development (Go-Biz). The application period ends Monday, October 27th, 2014. Applications will be accepted online and the awards will be announced January 15th, 2014.
