How to Apply for New Tax Credit Awards
In the 2014-2015 period, the Governor’s Office of Business and Economic Development (GO-Biz) is authorized to award more than $151 million to taxpayers through the California Competes Tax Credits. Over two separate application periods, nearly 350 taxpayers applied and received awards—some received $20,000, and others received as much as $3 million!
The third application period went from March 9 through to April 6. Go-Biz has been authorized to award about $31 million. Application periods are set to continue through to the 2016 fiscal year. Read on to learn more about how this affects taxpayers like you—if you’re looking for official documents and forms, check out the official GO-Biz website here!
Applying for the Tax Credit Awards
The awards are an income tax credit available to businesses and designed to attract/maintain business growth in California. Negotiations for the California Competes Tax Credit are conducted by GO-Biz and approved by the California Competes Tax Credit Committee. There are a number of eligibility requirements that must be met during the application process.
As a business in or planning to move to California, the tax credit award is a wonderful opportunity to create new ventures and reinvest in your business. At the Milikowsky Tax Law, our San Diego tax attorneys have more than a decade of experience with IRS tax audits and other matters of tax law. If you are preparing for the next step in the application process, we may be able to help.
Looking for assistance with a tax audit or dedicated counsel for your finances? Contact our San Diego tax law team and find a solution!