Taxation.

The Personal Income Tax Law and the Corporation Tax Law allow a credit against the taxes imposed under those laws, 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 provides for the allocation of credit amounts through the 2017–18 fiscal year and limits the aggregate amount of credit that may be allocated in a fiscal year. This bill, for the credits described above as may be authorized for allocation for the 2018–19 fiscal year through the 2023–24 fiscal year, would allow up to 50% of the unallocated and recaptured credit amount, if any, from the preceding fiscal year to be reserved as a preliminary allocation to taxpayers that create or retain regionally significant jobs in a manufacturing, research and development, or testing facility, or a corporate headquarters, if the city, county, or city and county that is competing for the establishment, expansion, or retention of a manufacturing, research and development, or testing facility, or a corporate headquarters applies to GO-Biz on behalf of the taxpayer, as provided.