California Competes Tax Credit FAQ [Video]

California Competes Tax Credit offers tax credits to California businesses through the Franchise Tax Board in order to expand employment opportunities in California and increase jobs with priority on high unemployment and high poverty ares.
More information, application, and resources: https://business.ca.gov/california-competes-tax-credit/
FAQ: https://business.ca.gov/wp-content/uploads/2022/12/California-Competes-Tax-Credit-FAQ.pdf
0:00 What is the California Competes Tax Credit
0:27 When can I apply for the California Competes tax credit
0:44 Can any business apply?
1:16 Can small businesses apply?
1:58 Is there a fee to apply?
2:05 Where to apply
2:10 How long does the application process take?
2:21 Can I reapply if denied?
2:35 Can I apply for a second credit?
2:50 How do I know if I am in high poverty or high unemployment areas?
3:51 What type of documents do I need to apply?
4:32 What are the criteria for applicants?
6:13 What if I am an out of state business looking to bring my business to CA
6:54 How can I use this tax credit?
7:06 Can I receive this tax credit as a tax refund?
7:10 Does this tax credit carry over to other years?
7:23 Minimum/max credit
7:40 When do I claim the credit if awarded?
8:00 What about S-Corps?
8:30 Is there a minimum number of jobs my business must create?
8:47 How is a full time job defined
9:04 Can part time employees count for the California Competes Tax Credit?

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