GO-Biz Committee Approves $91.4 Million in Tax Credits for 114 Companies Adding Over 8,233 Jobs in California
(Note: The following press release was issued by the Governor’s Office of Business and Economic Development, Go-Biz.)
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 $91.4 million in tax credits for 114 companies expanding and creating jobs in California. The awards will help these companies create a projected 8,223 jobs and generate over $828 million in total investment across California. View the complete list of approved companies and award amounts.
"Thanks to the California Competes Tax Credit and the hard working staff at GO-Biz, California continues to recruit new companies and help existing companies grow and add jobs in the state," said GO-Biz director and committee chair Panorea Avdis. "In just three short years, over 680 companies have made commitments to expand in the state and GO-Biz continues to field inquiries from businesses around the world that are interested in moving to California and creating good-paying jobs."
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 114 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 $240 million in total tax credits. Since 2014, GO-Biz has allocated $492.5 million to 688 companies projected to create 70,747 new jobs and make $14.4 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.