Sacramento, Calif. – Building upon California’s nation leading job creation, the Governor’s Office of Business and Economic Development (GO-Biz) today announced that the California Competes Tax Credit (CCTC) committee approved $46.7 million in tax credits for 67 companies expanding and creating jobs in California. The awards will help these companies create a projected 4,235 jobs and generate over $1.3 billion in investment across California. The complete list of approved companies and award amounts can be found here.
“The California Competes tax credit continues to improve California’s business climate by attracting new investments and helping create jobs,” said GO-Biz director and committee chair Panorea Avdis. “California is now the 6th largest economy in the world in part because companies identify the Golden State as a prime target for relocation and expansion.”
Chair Avdis convened the committee – which includes Treasurer John Chiang, director of the Department of Finance Michael Cohen, Senate appointee Denise Zapata and Assembly appointee Madeline Janis – at the California Department of Food and Agriculture auditorium in Sacramento. The committee voted to approve all 67 tax credit agreements.
In 2013, the California Competes Tax Credit was created by Governor Brown to focus on helping businesses grow and stay in California. This fiscal year, GO-Biz allocated approximately $160 million to 259 companies that are projected to create over 20,000 jobs and make almost $3.2 billion in investments.
Businesses interested in applying for a California Competes tax credit can do so starting in July by filling out an on-line application available 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.
About Governor’s Office of Business and Economic Development (GO-Biz)
Established in 2012 by Governor Brown, 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.