Personal Income Tax Law: Corporation Tax Law: credits: CalCompetes.
Vote required
Two Thirds
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill extends the California Competes Tax Credit, a program designed to incentivize businesses to create or retain jobs and invest in California. It allows companies in ‘strategic industries’ – defined as those involved in developing nuclear fusion or quantum technology – to make an election for the credit to be refundable. The bill also makes changes to the fiscal year references and increases funding for the Tax Relief and Refund Account and the Corporation Tax Fund, aiming to support economic development and job creation across the state.
Key provisions
- Extends the California Competes Tax Credit through 2035.
- Allows companies in ‘strategic industries’ to elect for the credit to be refundable.
- Increases funding for the Tax Relief and Refund Account and the Corporation Tax Fund.
- Defines ‘strategic industries’ as those involved in nuclear fusion or quantum technology.
- Specifies factors considered when allocating the credit, including job creation, investment, and unemployment rates.
- Includes provisions for prioritizing projects in high-unemployment areas.
- Requires GO-Biz to post information about companies receiving the credit.
- Establishes annual limits on the total amount of the credit that can be allocated.
Who is affected
- Businesses
- Taxpayers
- California State Government
- Economic Development Organizations
- Job Seekers
Bill text
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Sponsors
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1 on record
Primary sponsor
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