CaliforniaPersonal Income Tax Law: Corporation Tax Law: credits: CalCompetes.
What it does
The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws including, for taxable years beginning on and after January 1, 2014, and before January 1, 2030, a California Competes Tax Credit in an amount allocated by the Governor's Office of Business and Economic Development (GO-Biz) through the 2027–28 fiscal year, and provided in a written agreement between GO-Biz and the taxpayer, approved by the California Competes Tax Credit Committee, and based on specified factors, including the number of jobs the taxpayer will create or retain in the state and the amount of investment in the state by the taxpayer.
More detail
This bill would extend the California Competes Tax Credit through taxable years beginning before January 1, 2035, and would make conforming changes to the impacted fiscal year references in those provisions. The bill would, for taxable years beginning on or after January 1, 2026, and before January 1, 2035, also allow a taxpayer in a strategic industry, as defined, to make an election in the form and manner prescribed by GO-Biz for the California Competes Tax Credit to be refundable to the taxpayer from the Tax Relief and Refund Account or the Corporation Tax Fund, as provided. By increasing the payments from the Tax Relief and Refund Account and the Corporation Tax Fund, continuously appropriated funds, the bill would make an appropriation.
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Where it stands
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- May 14May 14 hearing: Held in committee and under submission.Latest
- May 8Set for hearing May 14.
- Apr 27April 27 hearing: Placed on APPR. suspense file.
- Vote recorded Placed on suspense file. Result: pass.Upper
- Apr 17Set for hearing April 27.
- Apr 13Read second time and amended. Re-referred to Com. on APPR.Major
- Apr 9From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 5. Noes 0. Page 3795.) (April 8).Major
- Apr 8
- Vote recorded Do pass as amended, but first amend, and re-refer to the Committee on [Appropriations]. Result: pass.Upper
- Mar 26From committee with author's amendments. Read second time and amended. Re-referred to Com. on REV. & TAX.Major
- Mar 25Set for hearing April 8.
- Feb 26Referred to Com. on REV. & TAX.Minor
- Feb 18From printer. May be acted upon on or after March 20.
- Feb 17Introduced. Read first time. To Com. on RLS. for assignment. To print.Introduced