The Governor’s Office of Business and Economic Development (GO-Biz) announced today that the California Competes Tax Credit (CCTC) committee approved $60.9 million in tax credits for 74 companies expanding and creating jobs in California.
Sacramento, Calif. – Building upon California’s nation leading job creation, the Governor’s Office of Business and Economic Development (GO-Biz) today announced that the California Competes Tax Credit (CCTC) committee approved $60.9 million in tax credits for 74 companies expanding and creating jobs in California. The awards will help these companies create a projected 6,568 jobs and generate over $670 million in total investment across California. View the complete list of approved companies and award amounts.
“The California Competes tax credit continues to help businesses expand their presence in California and provide high quality jobs,” said GO-Biz director and committee chair Panorea Avdis. “The program has been recognized as a national model because we strive to make it flexible, transparent and effective at spurring new investments and accelerating job growth.”
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 74 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 year, GO-Biz is allocating approximately $243 million in total tax credits.
Businesses interested in applying for the next round of California Competes tax credits can do so starting on January 2, 2017 and the meantime; businesses are encouraged to attend a free workshop or webinar. GO-Biz is hosting over 30 workshops and webinars across the state. View the complete schedule of workshops.
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.
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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