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February 20
1906 - L.A. County accepts Mr. H.C. Register's bid to build (Old) Newhall Jail for $2,237 [story]
Old Newhall Jail


California businesses of any size or industry can apply to receive an income tax credit through the California Competes Tax Credit program.

CCTC is a state income tax credit supporting growth of high-quality jobs in California, available to businesses of any size or industry 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 fiscal year. The second round became available on Jan. 2 for businesses to apply for.

This year, there are $164 million in tax credits available during the first application period for businesses that are expanding and adding quality, full-time jobs in California that might not otherwise be created by the business or any other business.

Here’s how it works: Phase I is an online application process, where businesses submit information on their 5-year growth plans including a comprehensive description of their growth project, projected new hires and wages, 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 (and additional factors) move on to Phase II for final agreement negotiation and selection. Phase ll applicants must then be approved by the California Competes Tax Credit Committee

There are $492,129,004 million in tax credits and $120 million in grants available for allocation in the 2023-2024 FY for businesses that are expanding and adding quality, full-time jobs in California that might not otherwise be created by the business or any other business. The Governor’s Office of Business and Economic Development (GO-Biz) use 14 factors when evaluating applicants, such as:

-Number of jobs created or retained

-Amount of investment

-Overall economic benefit to the state

-Opportunities for future growth and expansion

For a full list of evaluation factors and application periods, see GO-BIZ’s one page handout. Companies can access online applications for the 2023-2024 FY at the website.

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1803 - Indigenous family members removed from Caamulus (Camulos) village, Piru area, are baptized at San Fernando Mission [record]
mission
1955 - Actor and nightclub owner Ace Cain incorporates the Rocky Springs Country Club in Sand Canyon [story]
Ace Cain
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