GO-Biz Committee Approves $76 Million in Tax Credits for 63 Companies Adding 6,100 Jobs in California
Thursday, April 12, 2018
Today, the Governor’s Office of Business and Economic Development (GO-Biz) announced that the California Competes Tax Credit (CCTC) committee approved $76 million in tax credits for 63 companies projected to create 6,166 jobs and make $490 million worth of new capital equipment investments across California. View the complete list of approved companies and award amounts.
“The California Competes Tax Credit encourages companies from around the world to locate, expand and add good paying jobs in California,” said Panorea Avdis, GO-Biz Director and Chair of the California Competes Tax Credit Committee. “In the last four years, hundreds of companies have made commitments to expand in the state and GO-Biz will continue to host informational workshops and work with our regional and local partners to ensure companies of all sizes know about and apply for these tax credits.”
GO-Biz Director Panorea Avdis 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 nearly $700 million to 928 companies projected to create 89,580 new jobs and make $16.2 billion in new investments.
“As a growing, woman-owned business, I look for opportunities to expand the capacity of our core operations so we can compete on a global scale,” said Mina Doshi, President, INTA Technologies. “The California Competes tax credit we were just awarded gives us the ability to invest back into the company by hiring staff, buying equipment and offering additional services to our customers.”
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.
Category: Partner News