Truckee workshop to focus on California Competes Tax Credit program | SierraSun.com

Truckee workshop to focus on California Competes Tax Credit program

Special to the Sun

The Aug. 2 Knowledge Bites workshop in Truckee will focus on the California Competes Tax Credit program through the Governor’s Office of Business and Economic Development.

This program has approximately $200 million in tax credits available during the 2016-17 fiscal year for businesses that want to expand in or relocate to California.

The next application period began July 25. The Aug. 2 workshop and the program are free and available to businesses of all sizes throughout the state.

The California Competes Tax Credit (CCTC) program is an income tax credit available to businesses that want to relocate to California or stay and grow in California.

Any business can apply for the CCTC and there are no geographic or sector-specific restrictions that impact eligibility. In addition, 25 percent of the total credits available each fiscal year are specifically reserved for small businesses. Award of a tax credit offsets taxes owed to the Franchise Tax Board only.

The application is available at calcompetes.ca.gov. There is no fee to apply. The application and evaluation process takes approximately 90 days, which includes the period when applications will be reviewed and presented to the CCTC Committee for approval.

The Knowledge Bites series is presented by the Truckee Chamber of Commerce, in partnership with Sierra Business Council’s Small Business Development Center.

The Aug. 2 event, which is free, takes place from 9-10:30 a.m. at Truckee Tahoe Airport, 10356 Truckee Airport Road. You should reserve your spot by July 29.

This article was provided by the Truckee Chamber of Commerce. Visit TruckeeChamber.com to reserve your spot and to learn more.