Applications are now being accepted for the California Competes Tax Credit. The California Competes Tax Credit provides an income or franchise tax credit to businesses that relocate to California or expand within California. The proposed business venture, investment, or expansion in California is the basis for award of the California Competes Tax Credit. Applications are reviewed by the Governor’s Office of Business and Economic Development (GO-Biz) and will be accepted through April 6, 2015. The application period is the last of three for fiscal year 2014-2015.
Tag: Economic Development
Colorado Job Creation and Main Street Revitalization Act
Effective May 14, 2014, The Colorado Job Creation and Main Street Revitalization Act provides an income tax credit for costs incurred in connection with the preservation of historic structures.
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Georgia Continues to Promote Business Growth Through Tax Credits
On Monday, April 14, 2014, Governor Deal signed into law a 2 year extension of state income tax credits for video game companies. The 2 year extension provides for up to $25 million in tax credits for video game developers. The Georgia Industry Investment Act was established in 2008 to support Georgia companies developing games and digital media. The purpose of the incentives is to support the growth of Georgia game developers and assist in the development of a skilled workforce unique to the gaming community.
Film and television companies may receive a tax credit of up to 30% of expenditures on production and post-production of feature films, television series, music videos and commercials, and interactive games and animation, either in a single production or on multiple projects with a minimum spending amount of $500,000. The tax credits are transferable. The newly signed bill will take effect January 1, 2013, and will cap the 30% credit at $25 million for the game industry, while limiting individual video game companies to $5 million.
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