California Awards $80 million in Tax Credits Projected to Create More Than 6,000 Jobs

Nov 5, 2020 | Press Release

Sacramento, CA – The Governor’s Office of Business and Economic Development (GO-Biz) today announced $80 million in tax credits that are projected to create 6,535 new, full-time jobs in California. The funding, from the California Competes Tax Credit, will bring more than $400 million in new investments across the state. 

“As our state recovers from this historic recession, incentives like these can help spur California’s spirit of innovation and growth to create jobs and bring the California dream into reach for all,” said Governor Gavin Newsom. “With policies like these that bolster growth, California will continue to lead the way toward a healthier, more inclusive economic future, that our nation can follow.”

One awardee, diagnostic test manufacturing company Cepheid, has committed to create 2,510 jobs in Lodi and Santa Clara County. “Cepheid was founded in the heart of Silicon Valley in 1996 and we’ve expanded our presence in multiple California locations as we’ve grown. I am proud of both the game-changing research and development, and the world-class manufacturing that we do here,” said Cepheid President Warren Kocmond. “We are honored to be increasing our presence in California as we work to increase the availability of diagnostic testing globally.”

The complete list of approved companies and award amounts is available online along with the video of the committee meeting where award decisions were made.

“Companies like Cepheid, which are leaders in science and technology, are unique to California’s economy and what makes us successful,” said Chris Dombrowski, GO-Biz Acting Director. “Our continued economic vitality and recovery depends on sustained support and investment in these innovators.” 

The California Competes Tax Credit was created in 2013 to focus on helping businesses grow and stay in California. 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. 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 the GO-Biz website.

Kaitlin Lewis
Assistant Deputy Director of Communications
Email Kaitlin, HERE 
Phone: (916) 204-2107

Explore more articles by category:  GO-Biz News  |  CalOSBA News  |  Press Releases  |  News Articles  |  Opinion Editorials  |  Statements