The Governor’s Office of Business and Economic Development (GO-Biz) on Thursday announced the California Competes Tax Credit committee approved approximately $31 million in tax credits for 56 companies expanding and creating jobs in California.
The state estimates the credits will help create 4,900 jobs and generate more than $900 million in investments. Recipients include companies involved in cloud, biotechnology, technology-based parking solutions, and computer systems design.
"The California Competes tax credit continues to demonstrate that it is one of the most effective tools for encouraging companies to expand and add jobs in California," committee chair Michael E. Rossi, an adviser to Gov. Jerry Brown, said in a statement.
Through two rounds of awards, GO-Biz has allocated approximately $60 million in tax credits to 85 companies. GO-Biz opened a third application period on Jan. 5 and companies can now apply for another $75 million in California Competes tax credits until Feb. 2. A fourth round round is planned in March.
An estimated $580 million in income tax credits will be made available in stages over the next few years to companies that might otherwise fold, leave California or launch their operation somewhere else.
GO-Biz is hosting free workshops today (Jan. 16) in Sacramento and Chico on how business can apply for the California Competes tax credit. For more information, click here.
Related: Website Helps Californians Compete for Tax Credits
