CA AB1560

Authorizes the Director of Finance to increase aggregate California Competes Tax Credit allocations by up to $25 million per fiscal year through fiscal year 2017-18 to mitigate reductions from other tax credits.

Applies to both corporation tax and personal income tax credits for taxable years beginning January 1, 2014 through December 31, 2024, with credits based on job creation/retention, investment, compensation levels, and economic impact.

Requires 25 percent of annual credit allocation to be reserved for small businesses and limits any single taxpayer to no more than 20 percent of aggregate annual credits.

Establishes that excess credits can be carried forward up to five additional taxable years if they exceed tax liability in the current year, and permits recapture of credits if taxpayers fail to meet agreement terms.

Designates the bill as an urgency statute effective immediately, citing the program's oversubscription in its first year and need to maintain California's business competitiveness.