The two-phase application process is competitive and takes about 90 days from the beginning of the process to the award date. Applicants are selected based on factors such as the total jobs to be created, total investment, average employee wage, economic impact and strategic importance. Businesses who receive funds must negotiate a written agreement with the state and agree to meet certain milestones for job creation, etc. A company can apply for up to 20% of the total amount being awarded, and there is no application fee.
For the 2014-2015 fiscal year, GO-Biz has allocated a total of $151.1 million of CCTC tax credits. There are three application periods for this funding – one in 2014 and two in 2015 (see chart below). The CCTC program began in 2013 and granted $28.9 million in income tax credits to 29 businesses in its first year.
You can find information about the tax credits and the application process here. The application form is available at www.calcompetes.ca.gov.