Eight 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 committee recently approved $43.7 million in tax credits for 89 companies expanding and creating jobs in California. GO-Biz projects that the awards will help these 89 companies create an estimated 7,164 jobs and generate more than $600 million in investments across California.
CalChamber members being awarded credits in this round include:
• Allied Propane Service, Inc., propane distributor;
• Baltimore Aircoil Company, Inc., industrial cooling system manufacturer;
• Credit Karma, provider of online personal financial services;
• DMF, Inc., custom lighting fixtures manufacturer;
• Kenshoo, Inc., online marketing and advertising services;
• Pacific Steel Group, steel reinforcing contractors;
• Orbital ATK, aerospace component manufacturer; and
• Valley Communications, Inc., provider of information technology services.
The complete list of approved companies and award amounts can be found at GO-Biz’s Business Portal at www.business.ca.gov.
In 2014, GO-Biz awarded $223 million to 330 companies, which was projected to create more than 42,000 jobs and $9.6 billion in investments.
About California Competes
The California Competes tax credit, focused on helping businesses grow and stay in California, is part of the Governor’s Economic Development Initiative, which Governor Edmund G. Brown Jr. 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.
This fiscal year, GO-Biz is awarding $200 million in tax credits through three award rounds. Companies interested in applying for California Competes tax credits can apply during the next application round scheduled for January 2016. Online applications are available at www.calcompetes.ca.gov.