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Sacramento, CA – Today, the Governor’s Office of Business and Economic Development (GO-Biz) announced that the California Competes Tax Credit (CCTC) committee approved $55,805,158 in tax credits for 20 companies projected to create 6,824 jobs and make $466,521,930 in new investments 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 our state,” said Lenny Mendonca, Chief Economic Advisor to the Governor, GO-Biz Director, and Chair of the California Competes Tax Credit Committee. “Seeing so many jobs coming to our inland communities is truly invigorating. California’s inland communities are places of great opportunity and innovation. We hope to see more of this growth across the state, in line with our Regions Rise Together initiative as we all play our role in ensuring our economy is one that works for all Californians.”
Of the more than $55 million awarded in this round, over $14 million was allocated to businesses in the Central Valley and Inland Empire. Companies expanding into the inland regions of California are projected to create nearly 3,060 jobs in those regions. One of those businesses is FN Logistics, Inc., which handles the online order fulfillment warehouse and retail distribution for the top online fashion store, Fashion Nova. Through the tax credit, FN Logistics, Inc. will experience an employee net increase of 3,039 as the company expands into the Inland Empire.
GO-Biz Director and Committee Chair, Lenny Mendonca convened the committee, which includes Treasurer Fiona Ma, Director of the Department of Finance Keely Bosler, and Senate appointee Denise Zapata and Assembly appointee Madeleine Janis, in Sacramento.
The California Competes Tax Credit was created in 2013 to focus on helping businesses grow and stay in California. In 2018 the program was extended for an additional five years with at least $180 million in tax credits available for allocation to business each year through 2023. Since 2014, GO-Biz has allocated $899 million to 1,009 companies projected to create 99,591 new jobs and make $19 billion in new investments.
About the California Competes Tax Credit
The California Competes Tax Credit was enacted in 2013. 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.
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