CalCompetes Webinar Recording - July 2022

The Governor’s Office of Business and Economic Development (GO-Biz) serves as the State of California’s leader for job growth and economic development efforts. GO-Biz offers a range of services to business owners including attraction, retention and expansion services, site selection, permit assistance, regulation guidance, small business assistance, international trade development, assistance with state government, and much more.

The California Competes Tax Credit was created in 2013 to focus on helping businesses grow and stay in California. GO-Biz evaluates the most competitive applications based on the factors required by statute, including total jobs created, total investment, average wage, economic impact, strategic importance, and more. In 2022, the program was extended with at least $180 million in tax credits available for allocation to business each year through 2027/2028.

While the CalCompetes Tax Credit program has demonstrated tremendous success incentivizing businesses to choose California, many companies looking to expand or locate in California might not benefit from a nonrefundable tax credit but could utilize a grant. Recognizing that the state must have the resources available now to incentivize businesses to remain in the state, or add new, quality full-time jobs, Governor Newsom’s enacted state budget for fiscal year 2022-23 extended the California Competes Grant Program (CCGP) for an additional year and appropriated $120 million in funding.

The CCTC and CCGP incentivizes the creation of new, quality, full-time jobs that might not otherwise be created in California.