Six California Chamber of Commerce member companies have been selected by the Governor’s Office of Business and Economic Development (GO-Biz) as recipients for the California Competes Tax Credit.
The California Competes Tax Credit (CCTC) committee recently 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 more than $670 million in total investment across California, according to GO-Biz.
CalChamber members being awarded credits in this round include:
- MalwareBytes Corporation; cybersecurity software developer.
- Palecek Imports, Inc; furniture design and manufacturing.
- Borrego Solar Systems, Inc; solar power system design, construction, installation
- Colusa County Farm Supply, Inc; agricultural supplier and consulting services
- Techmer PM LLC, polymer materials design and manufacturing.
- Huhtamaki, Inc; food and beverage packaging design and manufacturing.
The complete list of approved companies and award amounts is posted at business.ca.gov.
In 2013, the California Competes Tax Credit was created by Governor Edmund G. Brown Jr. to focus on helping businesses grow and stay in California. This year, GO-Biz is allocating approximately $243 million in total tax credits.
Next Application Round
The next application round for the tax credit opens on January 2 with $100 million in tax credits available. The application will be available at www.calcompetes.ca.gov.
GO-Biz is hosting workshops throughout the state to help businesses apply. The workshop schedule, plus an application guide, frequently asked questions, program regulations, and a video explaining how to create an account are available at business.ca.gov.
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 on the amount awarded.