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GoBiz seeks five-year extension of CalCompetes tax credit amid debate over recaptured credits
Summary
GoBiz asked the subcommittee to renew the California Competes Tax Credit for five years; LAO and stakeholders discussed a build-up of unallocated credits and options such as refundability or limits to manage fiscal risk.
The Governor's Office of Business and Economic Development asked the Assembly to extend the California Competes Tax Credit for five years, saying the program is a central tool to attract and retain jobs and manufacturing investment in the state.
"GoBiz shall evaluate the extent to which the credit will influence the applicant's ability or willingness to create new full time…
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