Managing a business in California can seem like a daunting task. Regulations and taxes in the state have some businesses considering moving to other, more business-friendly, areas of the country. However, who would want to move from the Golden State and America’s Finest City when there are state programs designed to incentivize business to stay and grow in California?
Managing a business in California can seem like a daunting task. Regulations and taxes in the state have some businesses considering moving to other, more business-friendly, areas of the country. However, who would want to move from the Golden State and America’s Finest City when there are state programs designed to incentivize business to stay and grow in California?
The California Competes Tax Credit is an income tax credit available to businesses who want to come, stay, or grow in California. Companies complete an easy-to-use online application form that takes, on average, two and a half hours to complete and all applicants are notified within two months as to whether or not they received the tax credit.
Patrick Howe, the owner of Wholesale Shade, took the opportunity to apply for the California Competes Tax Credit and won $500,000. This tax credit allowed Patrick to purchase new machinery which has helped his business grow.
Watch Patrick’s impression of the California Competes Tax Credit application process and hear how it has impacted his business:
