The Governor’s Office of Business and Economic Development (GO-Biz) has announced that
it will award $644,756,695 of the California Competes Tax Credit (CCTC) during three application
rounds in fiscal year 2024-2025:
• $215M – 7/22/24 to 8/12/24
• $215M – 1/6/25 to 1/27/25
• $214.7M (+ any remaining unallocated amounts) – 2/24/25 to 3/10/25
The CCTC rewards businesses of all sizes that (1) hire full-time employees and (2) purchase or
lease real (land, buildings, leasehold improvements, etc.) and personal (vehicles, equipment,
electronic devices, software, IP, etc.) property over the next 5 years. It is a non-refundable
income tax credit that may reduce tax below tentative minimum tax and has a carryforward
period of 6 years. The deadline for the initial round is Monday, August 12th, at 11:59 PM (PDT).
Applications can be submitted at www.calcompetes.ca.gov. Please do not hesitate to contact me
if you have any questions or require assistance.