On March 18, 2014, Go-Biz notified the public that it will only accept California Competes Credit applications for the current fiscal year between March 19, 2014 and April 14, 2014.
Go-Biz has released information to the public about the application process for the California Competes Credit (“CCC”).1 According to its public notice (“Notice”),2 Go-Biz will hold one application period for fiscal year 2013-2014 credit allocations, which will begin at 9 a.m. PST on March 19, 2014, and end on April 14, 2014 at 11:59 p.m. PST.3 All applications must be submitted online. Go-Biz will not accept paper applications absent advanced approval.
The Notice also announces that the CCC Committee hearing for review and approval of any CCC agreements entered into between Go-Biz and taxpayers for the 2013-2014 fiscal year will be held in Sacramento on June 19, 2014.4
Go-Biz has posted additional guidance to assist taxpayers in the CCC application process, including an application guide and worksheets to assist in determining the number of annual full-time employees, aggregate employee compensation, and aggregate investment package. These materials can be accessed at this link under Resources. Further details on the application process are expected through workshops to be held by Go-Biz at various locations throughout California between March 19, 2014 and April 1, 2014.
This material is not intended to constitute a complete analysis of all tax considerations Internal Revenue Service regulations generally provide that, for the purpose of avoiding United States federal tax penalties, a taxpayer may rely only on formal written opinions meeting specific regulatory requirements. This material does not meet those requirements. Accordingly, this material was not intended or written to be used, and a taxpayer cannot use it, for the purpose of avoiding United States federal or other tax penalties or of promoting, marketing or recommending to another party any tax-related matters.
See our Client Alerts of December 4, 2013, and February 11, 2014, for details about the CCC.
The Notice can be accessed at this link.
Go-Biz may allocate no more than $30 million of CCC in the aggregate for the 2013-2014 fiscal year.
The Committee must approve any agreement entered into between Go-Biz and CCC applicants. These hearings are open to the public.