State & Local Tax Update (March 20, 2014)
California Competes Tax Credit
Period Ends April 14, 2014
By Michael J.
a counsel in
the San Francisco office of Pillsbury Winthrop
Shaw Pittman LLP.
This update concerning state
and local tax
matters is part of the
Page, a World Wide Web demonstration project, no
portion of which is intended and cannot
be construed as legal or tax advice.
on the design or content of this material.
On March 18, 2014, Go-Biz notified the public
that it will only accept California Competes Credit applications for
the current fiscal year between March 19, 2014 and April 14, 2014.
Go-Biz has released information to the public
about the application process for the California Competes Credit
("CCC").[fn. 1] According to
its public notice ("Notice"),
Go-Biz will hold one application period for fiscal year 2013-2014 credit
allocations, which will begin at 9 a.m. PST on March 19, 2014, and end on
April 14, 2014 at 11:59 p.m. PST.[fn. 2]
All applications must be submitted online. Go-Biz will not accept paper applications
absent advanced approval.
The Notice also announces that the CCC Committee hearing for
review and approval of any CCC agreements entered into between Go-Biz and taxpayers
for the 2013-2014 fiscal year will be held in Sacramento on June 19,
Go-Biz has posted additional guidance to assist taxpayers in
the CCC application process, including an application guide and worksheets to assist
in determining the number of annual full-time employees, aggregate employee compensation,
and aggregate investment package. These materials can be accessed under
"Resources" at the
website, which also contains a link to the Notice.
Further details on the application process are expected through workshops
to be held by Go-Biz at various locations throughout California between March 19, 2014
and April 1, 2014.
- See our earlier articles,
GO-Biz Releases California
Competes Tax Credit Draft Proposed Regulations and
February 18th Deadline
for Comments on California Competes Tax Credit Regulations
for details about the CCC.[return to text]
- Go-Biz may allocate no more than $30 million of CCC in the
aggregate for the 2013-2014 fiscal year. [return to text]
- The Committee must approve any agreement entered into between
Go-Biz and CCC applicants. These hearings are open to the
public.[return to text]
This material is not intended to constitute a complete analysis of all
tax considerations. Internal Revenue Service regulations generally
provide that, for the purpose of avoiding United States federal tax
penalties, a taxpayer may rely only on formal written opinions meeting
specific regulatory requirements. This material does not meet those
requirements. Accordingly, this material was not intended or written to
be used, and a taxpayer cannot use it, for the purpose of avoiding
United States federal or other tax penalties or of promoting, marketing
or recommending to another party any tax-related matters.
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