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Information offered on CA Competes Tax Credits

On Wednesday, July 29, the City is partnering with the Escondido Chamber of Commerce and Downtown Business Association to produce two CA Competes Tax Credit Program Zoom information sessions. Businesses are invited to tune in on July 29 at either 9:00 a.m. or 6:00 p.m. to hear from Todd Walters, CA Competes Tax Credit Committee member, to learn about this program.

James Rowten, Chamber CEO, told The Times-Advocate: “The Chamber is working with the City to help inform local Escondido businesses about this program and we feel it could be another resource to help stimulate growth and repair damage incurred to local businesses from the pandemic. The Chamber actively connects employers/businesses with programs and incentives available to help give local businesses the opportunity to succeed. The pandemic has created real challenges for our local businesses and we must do all we can to support their endeavors. This program is one we support. Join us for a webinar on the Program and learn about the process necessary to apply for this relief which can bring real savings to existing and future local businesses. Our website at escondidochamber.org has details and the July 29, 9 a.m. ZOOM Workshop for the details. Registration is required for this workshop.”

The CA Competes Tax Credit (CCTC) Program is a state run program that allocates millions of dollars in tax credits to businesses annually.

  • Each fiscal year from FY 2018/19 through FY 2022/23, the CCTC Committee has up to $180 million to award California businesses.
  • Businesses may apply for up to 20% of the total amount available each fiscal year.
  • The application periods, credits available, and committee meeting dates for fiscal year 2020-2021 are posted here.
  • The first application period starts on July 27 with $80 million in tax credits available for this round.
  • Starting July 27, the online application can be found at www.calcompetes.ca.gov.

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