credit

Go-Biz publishes more details regarding the California Competes Tax Credit

The Governor’s Office of Business and Economic Development (GO-Biz) has adopted final regulations to implement the California Competes Tax Credit (CCTC) program. The final regulations are substantially similar to the emergency regulations that were adopted on November 17, 2014. GO-Biz administers the CCTC, which is a credit against the personal income tax and the corporation franchise (income) tax for businesses locating or expanding in California, based on an amount negotiated between GO-Biz and the taxpayer (as approved by the CCTC Committee). For Frequently Asked Questions on how the CCTC works please click here.

By Jeff Belingheri|March 23rd, 2015|Categories: Business Operations, Business Tax, Individual Tax|Tags: 2014, Businesses, California, California Competes Tax Credit, CCTC, Corporation Franchise Tax, credit, Go-Biz, Governor's Office of Business and Economic Development, Income Tax, November 17|Comments Off

California Sales & Use Tax Credits for Certain Manufacturing or R&D Equipment

The State Board of Equalization (SBE) has issued guidance on the new 2013 legislation that allows certain businesses in manufacturing or in the fields of biotechnology or physical, engineering, and life sciences to purchase or lease manufacturing or research and development equipment at a reduced sales and use tax rate for purchases occurring on or after July 1, 2014. The partial exemption reduces the tax rate to 3.3125% plus applicable district taxes.