While most people spend their summers relaxing and taking vacations, the state of California has been busy. Fans of the 1990s classic song “California Love” already know that “California knows how to party,” but did you know that the state also knows how to award tax credits?
Since June 8th, more than $500 million in tax credits have been awarded by various California state agencies. These credit programs are expected to create thousands of jobs and lead to massive investments in the state.
California’s credit bonanza was kicked off when the California Tax Credit Allocation Committee (CTAC) awarded $466 million of state and federal affordable housing tax credits to various developments, according to a June 8 press release from the California State Treasurer. This is good news for both developers and low-income tenants, as these credits are widely viewed as an integral part of creating affordable housing.
Less than a week after the CTAC’s announcement, the California Film Commission approved $65 million worth of film tax credits for 11 relocating, recurring and new television series, according to a June 13 press release. Among those series is HBO’s Veep, which relocated to California from Maryland last year.
Days later, the California Governor’s Office of Business and Economic Development (GO-Biz) awarded close to $47 million worth of tax credits, according to a June 17 article from The Sacramento Bee. These credits cover a wide range of businesses and are expected to generate over 4,000 new jobs and more than $1 billion of investments in the state, added the article.
Although there are many songs about the Golden State, none focus on their vast array of tax credit and incentive programs. Maybe given these recent tax credit developments, that will change.
*Continue the discussion on Bloomberg BNA's State Tax Group on LinkedIn: Are tax credits the best tool for increasing business in a state?
For more information about tax credits, check out Bloomberg BNA’s Credits and Incentives Portfolios by signing up for a free trial of the Bloomberg BNA Premier State Tax Library today.
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