Budget: CalChamber Supports CalCompetes Tax Credit
The California Chamber of Commerce is supporting the Governor’s budget proposal to provide $120 million to fund a third year of the California Competes Tax Credit program in 2023–24.
The program has been indispensable in helping businesses locate or stay in California and invest, grow and create quality full-time jobs in the state.
Directed by the Governor’s Office of Business and Economic Development (GO-Biz), the CalCompetes program has awarded tax credits and grants to more than 1,150 businesses committing to create nearly 145,000 new, full-time jobs and make more than $29 billion in capital improvements in California.
Eight companies received grants in April 2022 and committed to creating more than 7,615 new full-time jobs and bring to the state more than $3.3 billion in new capital investments.
Researchers completing a recent study by the University of California, Irvine found that when controlling for other variables, there was “evidence of a significant local multiplier effect — two-and-a-half-times — from CalCompetes Tax Credit-incentivized jobs.”
The CalCompetes Tax Credit program plays an invaluable role by making targeted investments that help businesses create high-paying jobs, increase investment in California and grow the economy.