Income taxation: credits: California competes.

Existing law allows a credit against the taxes imposed under the Corporation Tax Law and the Personal Income Tax Law for each taxable year beginning on or after January 1, 2014, and before January 1, 2025, in an amount as provided in a written agreement between the Governor's Office of Business and Economic Development and the taxpayer, agreed upon by the California Competes Tax Credit Committee, and based on specified factors, including the number of jobs the taxpayer will create or retain in the state and the amount of investment in the state by the taxpayer. Existing law limits the aggregate amount of credits allocated to taxpayers to a specified sum per fiscal year. Existing law authorizes the Director of Finance to increase the aggregate amount of the economic development credits that may be allocated to taxpayers each fiscal year by $25 million per fiscal year through the 2017–18 fiscal year. This bill would provide for an additional aggregate amount of credit that may be allocated in any fiscal year pursuant to these provisions of $50,000,000 per fiscal year commencing with the 2015–16 fiscal year through the 2017–18 fiscal year, to be allocated to taxpayers that are otherwise eligible for this credit that are located in a county, city and county, or metropolitan statistical area that has a 10%, or higher, unemployment rate. This bill would take effect immediately as a tax levy.