State and Local Tax Alert - September 2014
The California Competes Tax Credit is a negotiated tax credit between the taxpayer and the State of California. The online application for the $151.1 million in tax credits set aside for fiscal year 2014-15 are:
- Sept. 29, 2014-Oct. 27, 2014 ($45 million available);
- Jan. 5, 2015-Feb. 2, 2015 ($75 million available); and
- March 9, 2015-April 6, 2015 ($31.1 million available, plus any remaining unallocated amount).
The online application Web site will automatically close once the deadline has passed. For each of the fiscal years 2015-16 through 2017-18, the tax credit awards will be $200 million with application periods to be announced.