CALIFORNIA COMPETE TAX CREDIT

Written By Kenneth Nguyen

A great program to obtain credits against your business income tax due to California Franchise Tax Board (6 tax year carryover). The qualification process is based on a number of different factors from the amount of investment and compensation over the next five years to the overall economic impact to the region that your business is located in. If you have a plan for a sizeable business expansion, this program might provide numerous tax benefits.

There are three rounds of application for fiscal years 21-22.

July 26, 2021 – August 16, 2021 ($150 million available)

January 3, 2022 – January 24, 2022 ($140 million available)

March 7, 2022 – March 28, 2022 ($104.7 million-plus any unallocated remaining amounts)

Online application submission: https://www.calcompetes.ca.gov

Please reach out for any further questions. Thank you for visiting.

Kenneth Nguyen https://longterm.work
Previous

STARTING A BUSINESS - RULES AND METHODOLOGY FOR WRITING OFF COSTS OF GOING INTO BUSINESS
Next

EMPLOYEE RETENTION TAX CREDIT