California Competes Tax Credit Looks to Create More Than 3,000 Jobs in the State

Apr 23, 2020 | 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 $74,507,665 million in tax credits for 20 companies projected to create 3,060 new, full-time jobs and more than $2,601,894,747 in new investments across California. View the complete list approved companies and award amounts.

In response to Governor Newsom’s executive order authorizing public bodies to take necessary action to protect the public from the spread of Coronavirus (COVID-19), the CCTC Committee meeting was live-streamed and open to the public on Zoom.

“While the COVID-19 induced recession has forced many Californians out of their jobs, today’s announcement demonstrates the commitment to continue investing in California and to putting Californians to work,” said Chris Dombrowski, GO-Biz Acting Director, and Chair of the California Competes Tax Credit Committee. “As the state works to reopen our economy with a prioritization around public health, we remain focused on ensuring our economy works for all Californians, especially our inland communities, many of which are still recovering from the Great Recession.”

Since 2014, GO-Biz has allocated $1,117,978,117 to 1,063 companies projected to create 111,571 new jobs and make $23,559,023,966 in new investments.

Of the more than $74 million awarded in this round, over $20 million will go to businesses seeking to expand, in part, into inland California. In line with California’s Regions Rise Together initiative, this investment is projected to create hundreds of jobs across the state’s inland region, including 320 as part of DesertXpress Enterprises LLC’s High-Speed Rail Construction & Operation.

GO-Biz Acting Director and Committee Chair, Chris Dombrowski convened the committee, which includes Treasurer Fiona Ma, Director of the Department of Finance Keely Bosler, Senate Appointee Todd Walters, 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 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.

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
Phone: (916) 204-2107

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