California introduces the new credit to entice businesses to come to California. The California Competes Tax Credit is an income or franchise tax credit available to businesses that come to California or stay and grow in California. Tax credit agreements will be negotiated by Governor's Office of Business and Economic Development (GO-Biz) and approved by a newly created “California Competes Tax Credit Committee,” consisting of the State Treasurer, the Director of the Department of Finance, the Director of GO-Biz (Chair), and one appointee each by the Speaker of the Assembly and Senate Committee on Rules.
For fiscal year 2013/2014, applications for the California Competes Tax Credit will be accepted from March 19, 2014, until April 14, 2014. Go to business.ca.gov for more information on the California Competes Tax Credit or read the credit FAQs.