Sacramento, Calif. – Today, the Governor’s Office of Business and Economic Development (GO-Biz) announced that the California Competes Tax Credit (CCTC) committee approved $57 million in tax credits for 29 companies projected to create 3,105 jobs and make $336 million worth of new capital equipment investments across California. View the complete list of approved companies and award amounts.
“In the last four years, over 900 companies have made commitments to expand in the state with the help of the California Competes Tax Credit.” said Will Koch, GO-Biz Deputy Director and Chair of the California Competes Tax Credit Committee. “This credit encourages companies from around the world to locate, expand and add good paying jobs in California, and GO-Biz will continue to educate and work with our regional and local partners to ensure companies of all sizes know about this important resource.”
GO-Biz Deputy Director Will Koch convened the committee, which includes Treasurer John Chiang, Director of the Department of Finance Michael Cohen, and Senate appointee Denise Zapata and Assembly appointee Madeleine Janis, in Sacramento.
In 2013, Governor Brown created the California Competes Tax Credit to focus on helping businesses grow and stay in California. Since 2014, GO-Biz has allocated $759 million to 957 companies projected to create 93,109 new jobs and make $17.4 billion in new investments.
About the California Competes Tax Credit
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.
The Governor’s Office of Business and Economic Development (GO-Biz) serves as the State of California’s leader for job growth and economic development 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.