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California Competes Tax Credit Update

On October 31, GO-Biz released a set of emergency regulatory changes which can be found here.

For the application period ending October 27, GO-Biz received 286 applications. According to their press release:

For fiscal year 2014-15, GO-Biz is authorized to award $151.1 million in tax credits of which 25% ($37.7 million) is reserved for small businesses. These allocations will be determined over three award periods scheduled for January 15, 2015 ($45 million), April 16, 2015 ($75 million) and June 18, 2015 ($31.1 million plus any unallocated amounts from the previous application periods).

As of the October 27th application deadline, GO-Biz received 286 applications with a combined tax credit request of $329 million.

In its initial round with $30 million of credit available, GO-Biz received 396 applications asking for $559 million making this second round significantly less competitive than the first.

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