Sacramento, Calif. – In an ongoing effort to improve California’s business climate, the Governor’s Office of Business and Economic Development (GO-Biz) today announced that the California Competes Tax Credit (CCTC) committee approved $62.8 million in tax credits for 87 companies expanding and creating jobs in California. The awards will help these companies create a projected 6,400 jobs and generate over $892 million in total investment across California. View the complete list of approved companies and award amounts.
“The California Competes Tax Credit continues to encourage companies from around the world to locate, expand and add good paying jobs in California,” said Will Koch, GO-Biz Chief Deputy Director. “In just three years, hundreds of companies have made commitments to expand in the state and GO-Biz will continue to host informational workshops throughout the state, as well as work with our regional and local partners, to ensure companies of all sizes know about and apply for these tax credits.”
Chief Deputy Koch 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 vote was unanimous to approve all 87 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 over $200 million in total tax credits. Since 2014, GO-Biz has allocated $555.3 million to 775 companies projected to create 77,178 new jobs and make $14.5 billion in new investments.
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.