DALLAS, July 9, 2014 /PRNewswire/ -- The California Office of Business and Economic Development, GO-Biz, has released the schedule for the fiscal year 2014/2015 California Competes Credits. There will be three application periods in which $150 million in credits will be available.
The California Competes Tax Credit is a competitive income tax credit available to companies seeking to locate or expand in California. The 2013/2014 fiscal year was the first of the program and awarded $30 million to 31 companies.
The three application periods are as follows:
Round 1: The exact dates are to be determined but are likely to be in September or October. $45 million will be available in this round.
Round 2: January 5, 2015 through February 2, 2015 for $75 million.
Round 3: March 9, 2015 through April 6, 2015 for at least $30 million.
Applications that make it to the next round will be heard at committee hearings, which will finalize the awards. The committee hearings will be held on:
Round 1: January 15, 2015
Round 2: April 16, 2015
Round 3: June 18, 2015
Applications submitted during one round that are not approved will carry over to subsequent rounds within the fiscal year. No more than 20% of the total amount available may be applied to a single applicant during the fiscal year.
Ryan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the sixth largest corporate tax practice in the United States. Headquartered in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. Ryan is a three-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 1,800 professionals and associates serves over 9,000 clients in more than 40 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at www.ryan.com.
TECHNICAL INFORMATION CONTACTS:
SOURCE Ryan, LLC