Four California Chamber of Commerce member companies have been selected by the Governor’s Office of Business and Economic Development (GO-Biz) as recipients of the California Competes Tax Credit.
The CalChamber member firms were among 17 companies recently approved by the California Competes Tax Credit (CCTC) committee to share $70 million in tax credits for expanding and creating jobs in California.
Companies receiving the awards are projected to create 2,030 jobs, retain 4,468 existing jobs and make $468 million worth of new investments across the state.
CalChamber members being awarded credits in this round include:
- Lockheed Martin Corporation, Palmdale, Beale Air Force Base, Buellton, Helendale, Santa Rosa, Valencia, and Vandenberg Air Force Base; aircraft development and manufacturing;
- Turner Techtronics Inc., Burbank; information technology management services;
- Digital Map Products, Inc., Irvine; mapping software development;
- KiwiCo, Inc., Mountain View and Lathrop; child learning production manufacturing.
Governor Edmund G. Brown Jr. created the California Competes Tax Credit in 2013 to focus on helping businesses grow and stay in California. Governor Brown signed legislation in 2018 that extended the program for an additional five years with at least $180 million in tax credits available to be allocated to businesses each year through 2023. Since 2014, GO-Biz has allocated $829 million to 974 companies projected to create 95,139 new jobs and make $17.9 billion in new investments.
The complete list of approved companies and award amounts is posted at business.ca.gov.
The next application period begins on January 2, 2019 with $75 million in tax credits available.