The California Competes Tax Credit application period is open and the Governor's Office of Business and Economic Development (GO-Biz) has more than $55 million in tax credits to award California Businesses.
Created in 2013 by Governor Brown, this tax credit was created to focus on helping businesses grow and remain in California. Since 2014, this has resulted in $622.8 million toward 865 companies; there has been a projected 83,414 new jobs since then.
Tax credit agreements are negotiated by GO-Biz and approved by a committee consisting of the State Treasurer, the Director of the Department of Finance, the Director of GO-Biz, and one appointee each by the Speaker of the Assembly and Senate Committee on rules.