header image

[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather
Santa Clarita CA
Mostly cloudy
Mostly cloudy
42°F
 
Calendar
Today in
S.C.V. History
March 7
1976 - Groundbreaking for new First Presbyterian Church in Newhall; former structure heavily damaged in 1971 earthquake [story]
First Presbyterian Church


Santa Clarita Valley business owners may apply now through Aug. 29 for the 2018-2019 California Competes Tax Credit.

The California Competes Tax Credit is an income tax credit designed to support the growth of high-quality jobs in California, available to businesses who want to come to, stay in, or grow in our state.

Through a two-phase process, businesses apply and compete for this credit during three application periods each year.

It’s just one of the many business services the Santa Clarita Valley Economic Development Corporation supports in the Santa Clarita Valley, another great reason to explore relocating to the SCV.

Phase I is an online application process, where businesses submit information on their five-year growth plans including a comprehensive description of their growth project, projected new hires and wages, the projected amount of investment equipment and facilities, and their requested tax credit.

A cost-benefit ratio is then calculated, and companies with the most advantageous cost-benefit ratio move on to Phase II for final negotiation and selection.

The next application period is now through Aug. 29, with $90 million available, to be followed by two additional application periods — Jan. 6 through Jan. 27, 2020 ($75M available) and March 9 through March 25, 2020 ($71.8M available).

Applications will be accepted online at California Competes Tax Credit.

Check out the California Competes Tax Credit Application video tutorials for more details and assistance.

The California Competes Tax Credit awards are based on 12 factors:

* Number of jobs created or retained
* Compensation paid to employees
* Amount of investment
* Duration of proposed project and commitment to remain in this state
* Extent of unemployment or poverty in business area
* Extent the benefit to the state exceeds the amount of the tax credit
* Incentives available in other states
* Opportunity for future growth and expansion
* Other incentives available in California
* Overall economic impact
* Strategic importance to the state, region, or locality
* Training opportunities offered to employees

The awarded credit is applied to the CA state income tax due to the Franchise Tax Board, and is non-refundable and includes a six tax year carry-over provision.

Also, it’s tied to achieving contractual milestones (such as hiring and/or investment) and is subject to recapture provisions.

The California Competes Tax Credit agreements are negotiated by GO-Biz and approved by a statutorily created “California Competes Tax Credit Committee,” which consists of the State Treasurer, the Director of the Department of Finance, the Director of GO-Biz and one appointee each by the Speaker of the Assembly and the Senate Committee on Rules.

By ensuring businesses in the SCV or those considering the move to the SCV have current information regarding the various resources available, the SCVEDC helps maintain and expand a vibrant business community in the SCV.

Contact the SCVEDC today and learn more.

The Santa Clarita Valley Economic Development Corporation is a unique private/public partnership representing the united effort of regional industry and government leaders. The SCVEDC utilizes an integrated approach to attracting, retaining and expanding a diversity of businesses in the Santa Clarita Valley, especially those in key industry clusters, by offering competitive business services and other resources.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


Latest Additions to SCVNews.com
1976 - Groundbreaking for new First Presbyterian Church in Newhall; former structure heavily damaged in 1971 earthquake [story]
First Presbyterian Church
1772 - Spanish Capt. Pedro Fages arrives; camps at Agua Dulce, Castaic, Lake Elizabeth, Lebec, Tejon [story]
Pedro Fages
Following months of renovations and preparation for a grand reopening, the city of Santa Clarita-owned ice rink has a new name and brand, The Cube - Ice and Entertainment Center.
City Reveals New Name of City-Owned Ice Rink
On Friday, the California Department of Public Health released updates to the state’s Blueprint for a Safer Economy reopening framework focused on activities that can be conducted outdoors with consistent masking which will take effect April 1.
State Updates Blueprint, Outdoor Activities and Theme Parks Set to Reopen
The Newhall School District announced Friday the implementation of the first Junior Kindergarten program in the Santa Clarita Valley which will offer students who turn five years old between July 1 and Sept. 1 the opportunity to enroll in school and enjoy the benefits that both Transitional Kindergarten (TK) and Traditional Kindergarten currently provide.
Newhall School District Announces First Junior Kindergarten Program in SCV
Los Angeles County Public Health officials on Friday confirmed 144 new deaths and 2,110 new cases of COVID-19 countywide, with 26,403 total cases in the Santa Clarita Valley.
Friday COVID-19 Roundup: Vaccine Allocation to Increase Next Week; SCV Cases Total 26,403
The SCV Adventure Play Foundation is set to host its virtual Spring Thing Fling fundraiser on the first day of spring, Saturday, March 20.
SCV Adventure Play Foundation to Host Virtual Spring Thing Fling Fundraiser
Los Angeles County Sheriff’s Department Missing Persons Unit investigators are asking for the public’s help locating Missing Person Debbie Phipps.
LASD Investigators Seek Help Locating Missing Person Last Seen In Canyon Country
Rep. Mike Garcia, R-Santa Clarita, has sponsored a new bill that would prohibit the use of federal funds to pay for California’s high-speed rail project, a section of which could run along Highway 14 in the Santa Clarita Valley.
Garcia Sponsors Bill to Defund CA’s High-Speed Rail Project
Santa Clarita City Council members are set to discuss in a closed session Tuesday their ongoing legal battle with property owner Canyon View Limited over the 2.5 acres of solar panels on a Canyon Country hillside.
City Council to Reconvene Over Solar Panel Litigation
1864 - L.A. Star newspaper report: County supervisors have accepted Beale's Cut as complete [story]
Beale's Cut
College of the Canyons proudly welcomes composer/lyricist, conductor, pianist and music producer Georgia Stitt to the School of Visual & Performing Arts’ Virtual Industry Insight Series on Wednesday, March 10.
Broadway Maestra Georgia Stitt to Speak at COC’s Virtual Insight Series
Valencia-based Lundgren Management was honored to be selected by the El Camino Community College District as one of three firms providing on-going construction management services for the next five years.
Valencia-Based Lundgren Management Inks 5-Year Deal with El Camino Community College District
It’s not how far you go…it’s what happens along the way! The Incredible Chase, the city of Santa Clarita’s socially distanced take on the hit CBS show “The Amazing Race,” is a brand-new competition taking place in May 2021.
City Looking for Teams to Compete in ‘The Incredible Chase’
The Los Angeles County Department of Public Health confirmed Thursday 119 new deaths and 2,253 new cases of COVID-19, with 26,327 total cases in the Santa Clarita Valley.
Thursday COVID-19 Roundup: SCV Cases Total 26,327; Public Health Advises Against Non-Essential Travel
For a three-day period starting Tuesday, the William S. Hart Union High School District football players took their first COVID-19 tests as part of the requirements for them to begin full-contact play.
Hart District Football Players Begin COVID-19 Testing, Full-Contact Play
Ken Farley, W. M. Keck Foundation professor of Geochemistry, Division of Geological and Planetary Sciences and the project scientist for the Mars 2020 mission, continues the 2020–2021 Watson Lecture season with a talk about, “Perseverance on Mars," Wednesday, March 10, at 5:00 p.m., via Zoom.
Project Scientist for Mars Perseverance Continues Caltech’s Lecture Series
Los Angeles County Library is partnering with Los Angeles County Museum of Art (LACMA) to bring virtual arts programs to our communities, featuring LACMA teaching artists and staff.
L.A. County Library, LACMA Partner to Offer Virtual Arts Programs
Santa Clarita LLC, which owns the undeveloped 900-plus-acre Whittaker-Bermite site, recently filed for voluntary bankruptcy, and is working to sell it to a global industrial real estate company for possible commercial and residential development, officials said Wednesday.
Whittaker-Bermite Owner Files Bankruptcy, Selling Land
William S. Hart Union High School District governing board members Wednesday discussed a potential March 29 start date for junior high and high school in-person instruction, provided the number of L.A. County COVID-19 cases continues to decline.
Hart District Mulls Over Possible March 29 Return
The Santa Clarita Valley is now home to a new branch of the National Association for the Advancement of Colored People, following a recent vote from the association’s board of directors.
NAACP Branch Coming to Santa Clarita Valley
Because of the recent rainfall, Los Angeles County Health Officer, Muntu Davis, MD, MPH, is cautioning residents that bacteria, chemicals, debris, trash, and other public health hazards from city streets and mountain areas are likely to contaminate ocean waters at and around discharging storm drains, creeks, and rivers after a rainfall.
Water Advisory Issued for Los Angeles County Beaches
This week, State Superintendent of Public Instruction Tony Thurmond announced the kickoff for the “California Digital Divide Innovation Challenge,” a global competition that will award up to $1 million to the boldest, most revolutionary proposals to eliminate the digital divide and expand high-speed internet access to all Californians.
State Schools Chief Kicks Off ‘California Digital Divide Innovation Challenge’
1940 - NYC premiere of "The Marines Fly High" starring Lucille Ball, filmed in Placerita Canyon [story] Marines Fly High
%d bloggers like this: