With millions of Californians out of work, on Wednesday, September 9, Gov. Gavin Newsom signed a law giving tax breaks to small businesses that hire employees over the next three months.
The incentive program will offer businesses of 100 employees or less a tax credit of $1,000 on their state tax bills for each new employee hired by December 1, 2020.
California Unveils New Hiring Credit Targeting Small Business Read More »
Significant changes have been made to the California Film and Television Tax Credit Program, which allows qualified taxpayers a tax credit against income and/or sales and use tax liabilities based on expenditures for film and television shows produced in California. Under A1839, not only has a new ranking system replaced the current lottery system as
California Film and Television Tax Credit Program — Sales and Use Tax Liability Read More »
Applications are now being accepted for the California Competes Tax Credit. The California Competes Tax Credit provides an income or franchise tax credit to businesses that relocate to California or expand within California. The proposed business venture, investment, or expansion in California is the basis for award of the California Competes Tax Credit. Applications are
California Competes Tax Credit Application Period Open Read More »
Effective February 5, 2015, final regulations to implement the California Competes Tax Credits (CCTC) program were adopted. These final regulations are substantially similar to regulations adopted as emergency regulations on November 17, 2014. CCTC is administered by the Governor’s Office of Business and Economic Development (GO-Biz), is a credit against the personal income and the corporation franchise (income) tax for businesses locating or expanding in California, based on an amount negotiated between Go-Biz and the taxpayer (as approved by the CCTC Committee).
California Competes Releases Final Regulations Read More »
With the California Enterprise Zone Program (CAEZ) allowed to expire, California continues its efforts to encourage businesses to create jobs and make investments in California with new and expanded tax credit and incentive programs.
California Continues to Encourage Businesses Growth Read More »
The franchise tax board has designated three pilot areas for purposes of the New Employment Credit (NEC) against personal and corporation franchise and income taxes until December 31, 2017:
Fresno Pilot Area
Merced Pilot Area
Riverside Pilot Area
California Designates Three Pilot Areas for New Employment Credit Read More »
The California Competes Tax Credit (CCTC) is an income tax credit that is available to companies for a project associated with staying or growing in California. The tentative amount of credits allocated to Go-Biz are $30M for FY 2013-14, $150M for FY 2014-15 and $200M for each FY 2015-16 and 2017-18. Small businesses with gross receipts of less than $2M during the previous taxable year have been specifically allocated to receive 25% of the total credits available each year.
Applications Now Being Received for California Competes Tax Credit Read More »
