California Workshop Comes to Moreno Valley

MORENO VALLEY>> The City of Moreno Valley has partnered with the Governor's Office of Business and Economic Development to host the California Competes Tax Credit workshop at the Moreno Valley City Hall Council Chamber Monday, Dec. 19, from 3-4:30 p.m. "I am excited that we have partnered up with GoBiz to bring the California Competes workshop to Moreno Valley, which presents an exciting opportunity for our community," said Mayor Dr. Yxstian A. Gutierrez. "I strongly encourage local business owners to attend and learn how state tax credits can help fuel economic expansion and create jobs." The Moreno Valley workshop arrives in time for the upcoming Jan. 23 deadline to compete for $100 million dollars available in this round of funding; $68.3 million will be available in the next. City Hall is located at 14177 Frederick Street. Small, medium and large businesses from throughout the area are encouraged to attend and receive instructions from staff on how to apply for the tax credit. The purpose of the California Competes Tax Credit is to attract and retain high-value employers in California in industries with high economic multipliers that provide employees with highly competitive salaries and benefits. All businesses in any industry are encouraged to apply, especially small businesses. Applications will be evaluated on the number of jobs created, strategic importance to the state and or region, the amount of investment, opportunities for future growth and expansion and economic impact. With 25 percent of the CCTC designated for small businesses, all firms are encouraged to attend the workshop and evaluate whether the CCTC is right for their growth. Small businesses are defined as companies with gross receipts, less returns and allowances, of greater than $0 but less than $2 million in the business's prior tax year. The California Competes Tax Credit is the State's premier tax incentive to expand businesses and retain operations in the Golden State. This fiscal year, GO-Biz is awarding $200 million in tax credits through three award rounds. Applicants are encouraged to apply for awards by completing a free, user friendly application available online at www.calcompetes.ca.gov. For more information about the workshop or to establish a business in Moreno Valley, please contact the Economic Development Department at EDTeam@moval.org or 951.413.3460.