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FTB To Hold Interested Parties Meeting On California Competes Credit

The California FTB will hold an interested parties meeting on February 19, 2015 to discuss the requirement in the new California Competes Tax Credit that FTB review the books of taxpayers awarded the credit. From the announcement:

Topic

On November 7, 2014, the Franchise Tax Board issued FTB Notice 2014-02 to inform taxpayers of the procedures the department will use as guidelines to review the books and records of those taxpayers that are awarded a California Competes Tax Credit by the Governor’s Office of Business and Economic Development (GO-Biz) in accordance with Revenue and Taxation Code sections 17059.2 and 23689.

Purpose:

To explain the review procedures and open a dialogue as to what types of information and records may be available and used to show compliance with the contract milestones. Discussion topics include:

1. An overview of the review procedures and key features
2. Discussion of contract milestones and record keeping
a. Increase in employment and compensation levels/Employment Records Available
b. Project Investment/Records Available
3. Timing for first reviews
4. Wrap up and Q & A

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