California Office of Business and Economic Development Announces New California Competes Application Rounds

Jul 09, 2014, 17:14 ET from Ryan, LLC

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. 

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