Thursday, April 16, 2015
GO-Biz California Competes Committee Approves $69 Million in Tax Credits for 93 Companies Adding Over 13,200 Jobs in California
Sacramento, Calif. – Further bolstering the California economy, the Governor’s Office of Business and Economic Development (GO-Biz) today announced that the California Competes Tax Credit (CCTC) committee approved approximately $69 million in tax credits for 93 companies expanding and creating jobs in California. The awards will help these companies create a projected 13,286 jobs and generate over $3.1 billion in investment across California. The complete list of approved companies and award amounts can be found here.
“The California Competes tax credit is one of the nation’s most effective and aggressive tools for encouraging companies to expand and add jobs in California,” said committee chair Michael E. Rossi. “California is projected to allocate over $650 million in targeted tax credits over the next four years which will continue to spur job creation and investment across the state.”
Rossi, senior jobs advisor to Governor Brown, convened the committee meeting at the Sacramento City Hall which includes Treasurer John Chiang, director of the Department of Finance Michael Cohen, Senate appointee Denise Zapata and Assembly appointee Madeline Janis.
“To further boost economic growth and advance our way of life, California needs to do all it can to promote business growth and retention,” Treasurer Chiang said. “The $69 million of credits awarded today will help Golden State companies grow, prosper, and importantly, hire.”
The California Competes Tax Credit was created by Governor Brown and is focused on helping businesses grow and stay in California. Since the inception of the program in June 2014, GO-Biz has allocated approximately $129 million to 178 companies that are projected to create over 24,100 jobs and make over $6 billion in investments. Companies interested in applying for California Competes tax credits can apply during the next application round which will be announced mid-summer 2015. Applicants complete a free, user friendly application available on-line at www.calcompetes.ca.gov.
About California Competes
The California Competes tax credit is part of the Governor’s Economic Development Initiative (GEDI) which Governor Brown signed legislation to enact in 2013 (AB 93 and SB 90). GO-Biz evaluates the most competitive applications based on the factors required by statute, including total jobs created, total investment, average wage, economic impact, strategic importance and more. Companies are exempted from paying state income taxes in the amount awarded.
The Governor’s Office of Business and Economic Development (GO-Biz) serves as California’s single point of contact for economic development and job creation efforts. GO-Biz offers a range of services to business owners including: attraction, retention and expansion services, site selection, permit streamlining, clearing of regulatory hurdles, small business assistance, international trade development, assistance with state government, and much more. For more information visit: www.business.ca.gov.