GO-Biz releases California Competes tax credit draft proposed regulations
By Michael J Cataldo
On 27 November 2013, the Governor’s Office of Business and Economic Development (GO-Biz) released draft proposed regulations on the recently enacted California Competes Tax Credit, and has scheduled workshops throughout California for public comment.
On 11 July 2013, governor Brown signed Assembly Bill 93 into law, which provides for various tax credits, including the California Competes Credit (CCC) — a credit against the income and franchise tax.
For taxable years beginning on and after 1 January 2014 and before 1 January 2025, the CCC is allowed against the net tax in the amount allocated by the California Competes Tax Credit Committee. Unused CCC may be carried over to reduce the net tax in the following taxable year and succeeding five taxable years, but may not be used to reduce tax below the tentative minimum tax. The CCC or carryover of the CCC earned by members of a combined reporting group may be assigned to an affiliated corporation that is a member of the same combined reporting group that is an eligible assignee…
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