California Announces New Round of California Competes Tax Credits

Nov 13, 2019 | Press Release

Sacramento, CA – Today, the Governor’s Office of Business and Economic Development (GO-Biz) announced that the California Competes Tax Credit (CCTC) Committee approved $88.7 million in tax credits for 14 companies projected to create 2,327 new, full-time jobs and more than $1.5 billion in new investments across California. View the complete list approved companies and award amounts.
 
Since 2014, GO-Biz has allocated $1.04 billion to 1,043 companies projected to create 108,510 new jobs and make $20.9 billion in new investments. 

Of the more than $88 million awarded in this round, over $76 million is going to businesses in the aerospace and defense industry. California enjoys $168 billion of economic impact thanks to our aerospace and defense industry — translating to roughly 800,000 direct and indirect jobs.

“California has been at the forefront of the aerospace industry for more than a century,” said Lenny Mendonca, Chief Economic Advisor to the Governor, GO-Biz Director, and Chair of the California Competes Tax Credit Committee. “Investing in this field is an investment in a California economy that works for all. The workforce development happening around this industry creates a runway for future good-skill, high-paying jobs which guarantees California maintains its innovative and economic edge.” 

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 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.

About GO-Biz
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.

Kaitlin Lewis
Assistant Deputy Director of Communications
Email: kaitlin.lewis@gobiz.ca.gov
Phone: (916) 204-2107

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